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“Good” French economic growth not hit by Omicron but inflation too high

by Mike Robinson

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© Reuters. FILE PHOTO: Francois Villeroy De Galhau, Governor of Bank of France, delivers a speech at the Bank of France’s annual meeting of Small and Medium-sized Enterprises Leaders in Paris on October 22nd, 2021. REUTERS/Sarah Meyssonnier/File Photo

PARIS (Reuters) – France’s economy has shown “good growth” despite Omicron COVID-19’s rapid spread, except in a handful of sectors. Francois Villeroy-de Galhau, French central banker Francois Villeroy-de Galhau stated Wednesday that the inflation rate at the second-largest euro area economy was still high.

Villeroy is a member on the European Central Bank’s Board of Governors. He also reiterated to France Info Radio the ECB’s resolve to do everything necessary to lower inflation to below 2%.

He said that France’s budget deficit was a reason why the government could not continue its massive stimulus program to support companies during the COVID crisis.

He said, “The notion of ‘whatever it takes to get the job done’ does not hold water anymore.”

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