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[00:00:06] noon in Paris, hope you are doing well, hello, you are the director of studies at this is Paris Live for you, the
[00:00:10] state activities of Riyadh International Airport remain suspended after the deadly attacks
[00:00:14] of recent days, the kingdom is facing a
[00:00:17] large-scale offensive from the Houthis of Yemen, who have also warned
[00:00:21] travelers not to use Saudi
[00:00:24] airports. The mobilization is far from running out of steam in
[00:00:28] le Cornu, that is to say the seriousness of India, in New Delhi, law enforcement and protesters
[00:00:31] government gave a televised face off, there were thousands supply-side economy, of arrests yesterday, the leaders
[00:00:35] of the farmers' movement were finally released, they immediately
[00:00:39] gave a press conference, and then we will see
[00:00:42] how robots are penetrating our daily lives in
[00:00:46] supermarkets, but also the tourism sector, after China, this
[00:00:50] is becoming a reality in
[00:00:53] you Europe.
[00:00:57] say the
[00:01:06] the level of threat weighing on Saudi the, well, it's, Arabia has changed after yesterday's
[00:01:10] attack on Riyadh International Airport, 12 people were killed,
[00:01:13] several hundred were injured, the UN Secretary
[00:01:16] General said he was deeply shocked and he is not the only one, several
[00:01:20] embassies have
[00:01:22] of the end of his five-year term, advised their staff to avoid the airport for
[00:01:25] a week, the same for schools which have been
[00:01:29] closed for a week, classes are held remotely, this type of
[00:01:32] measure in the kingdom is extremely rare
[00:01:35] in Alisbroga.
[00:01:39] In front of Riyadh airport, a line of ambulances and
[00:01:43] disoriented passengers, these are the rare images coming out
[00:01:46] of Saudi Arabia for the moment after the deadly strike that targeted
[00:01:50] the capital's airport on Saturday around 3 p.m. Witnesses
[00:01:53] describe scenes of chaos with hundreds of injured and dozens
[00:01:57] of ambulances called in urgently.
[00:02:00] The General Authority of Civil Aviation said that the attack caused several
[00:02:03] injuries whose condition is being evaluated, it specified that
[00:02:06] airport operations were temporarily suspended pending a
[00:02:10] full assessment of the damage and the verification of the safety of the
[00:02:13] facilities in coordination with the competent authorities. All
[00:02:17] flights to Riyadh were diverted or canceled. Later
[00:02:21] that evening, the authorities reported the fall of a projectile near
[00:02:25] another airport, that of Damasmam in the east of the
[00:02:28] kingdom. These attacks... which have not been claimed are
[00:02:31] attributed to the Houthi rebels of Yemen who oppose the Yemeni
[00:02:35] will know tonight the results of the first round of government forces supported by Saudi Arabia and who launched
[00:02:39] a lightning offensive in September, strengthening their grip on the strategic
[00:02:42] Bab el-Mandeb strait. In recent days, the intensity and
[00:02:46] frequency of attacks targeting Riyadh have
[00:02:48] the one that will give the impetus for growth of increased. The city's airport has already been targeted twice this
[00:02:52] week, several people have been killed and injured. To counter the
[00:02:56] there. The Houthis, the Saudi kingdom has been seeking military aid from its American
[00:02:59] militaire de son. américain
[00:03:02] enter into the debates spoke about without success. Donald Trump remained vague on the subject on Saturday in front of
[00:03:05] journalists. Have you decided to join the Saudi
[00:03:08] strikes? It's possible. We'll see. How soon
[00:03:11] ? We just learned of the attack, we will make a decision and act very
[00:03:15] quickly. These strikes on Riyadh come shortly
[00:03:19] before the annual investment conference in
[00:03:23] Prime Minister will also have to deal with the kingdom in October, which attracts visitors from all over the
[00:03:25] world.
[00:03:27] We have learned of the shipwreck off the coast of Djibouti of a boat, at least
[00:03:31] 109 people are dead, more than
[00:03:34] 116 are missing, teams from the International
[00:03:38] Organization for Migration are on the ground to provide emergency
[00:03:43] Each of the parties in the aid, apparently this boat was heading towards
[00:03:47] Yemen. The anger is great in India after the
[00:03:51] repression of a demonstration organized by the
[00:03:53] ease the farmers' movement, its leader, its leaders, several
[00:03:56] leaders have been released, they
[00:03:59] it's 10:14 in Paris, that's the essential news, were arrested as soon as they
[00:04:01] immediately the economy week, got off the plane yesterday, there were thousands of arrests, a
[00:04:03] large security presence had been put in place to prevent protesters
[00:04:07] from going to New
[00:04:08] Delhi.
[00:04:13] your program with the social security for French people Fist raised in a sign of victory, the three leaders of the farmers'
[00:04:16] movement regained their freedom this Sunday, the day after their
[00:04:20] arrest in New Delhi.
[00:04:22] Narendra Modi is the biggest coward this country has ever
[00:04:25] known.
[00:04:27] The three leaders of the protest movement had been
[00:04:31] arrested even before they got off the plane, on the grounds that the demonstration they had
[00:04:34] called for on Saturday had not been authorized. Police
[00:04:37] deployed en masse in the streets of the Indian capital on Saturday
[00:04:41] made over 2000 arrests in an attempt to prevent the rally
[00:04:45] from taking place. We were truly peaceful, a
[00:04:49] policeman arrived and was arrested. This is what our
[00:04:52] state does.
[00:04:54] The authorities are trying to suppress this new wave of protests by farmers
[00:04:58] who are demanding the resignation of the president of the election commission, Guilanage
[00:05:02] Coumar. For several weeks, the CJP, the Farmers' People's Party,
[00:05:06] with the guests of the Echo has been leading the rebellion jointly with the Indian Congress
[00:05:09] opposition party. It challenges the recent revision of the electoral
[00:05:12] lists, officially aimed at removing duplicates and
[00:05:16] fraudsters, but this reform has resulted in the deletion of 130
[00:05:19] million voters, and is accused of favoring supporters of Prime Minister
[00:05:23] Narendra Modi's
[00:05:25] party.
[00:05:28] I think the Election Commission and its head, Coumar, as well as the country's
[00:05:31] top leaders, lack transparency. What's wrong
[00:05:34] with gathering to express this
[00:05:36] opinion?
[00:05:38] While the farmers' leaders called on Sunday to continue the protest
[00:05:42] in the streets, thousands of police officers and paramilitary
[00:05:46] forces remained deployed in the
[00:05:48] capital. after the acts, the words Donald
[00:05:52] Trump no longer supports Vladimir Zelensky and aligns with the
[00:05:55] Russian position, there must be a presidential election in
[00:05:59] Ukraine, according to him. Yesterday, the American president announced an agreement
[00:06:02] providing for a significant purchase of Russian diesel. I suggest
[00:06:06] listen to him.
[00:06:10] Zelensky could have resolved this conflict at
[00:06:13] the beginning and he chose not to, you know what I
[00:06:17] suggest, I suggest that Ukrainians find a new leader
[00:06:21] who can make deals, Zelensky could have made many and he didn't,
[00:06:25] so questions remain unanswered
[00:06:29] after yesterday's announcement of this massive purchase of Russian
[00:06:32] diesel, what will be the real impact on the mid-term elections in the United States
[00:06:36] and what could also be the repercussions in France, this is what Marjorie
[00:06:40] Lemer explains for France 2.
[00:06:43] At the pump, prices continue to rise, but the arrival of nearly
[00:06:47] 2 million tons of Russian diesel on the markets by winter could it
[00:06:51] curb this surge in France? It could
[00:06:54] limit the increase, but I don't think it will cause a decrease, at best, the
[00:06:58] increase we saw in September which is linked to these two
[00:07:02] wars, well, that increase will be contained for the next few
[00:07:05] months, once again, this is provided that Russia really
[00:07:09] exports these volumes. Will French motorists use
[00:07:12] Russian fuel? Normally no, because the European Union no
[00:07:16] longer buys it to avoid financing the war effort of the Kremlin in Ukraine. Russian
[00:07:19] oil and oil products are under sanction, so they should
[00:07:23] not return to the European Union, they could perhaps
[00:07:27] go to the United Kingdom because the sanctions have been a
[00:07:30] little changed, but on the European Union normally no.
[00:07:34] The European Union was dismayed by this new agreement between Donald Trump and
[00:07:37] Vladimir Putin. Tomorrow, the 27 could approve the most
[00:07:41] important sanctions against Russia since the beginning of the
[00:07:44] conflict, we
[00:07:47] the left primary, perhaps there will not even be a second
[00:07:51] round, this is in any case the hope of Raphael Gluxmann, the
[00:07:54] vote had been extended by 24 hours after having been disrupted
[00:07:58] by a cyber attack, in case of a second round,
[00:08:01] this would take place next weekend,
[00:08:04] on the national level, next week
[00:08:07] promises to be quite intense, professional and student inter-union
[00:08:11] calls for a day of massive mobilization
[00:08:14] on Tuesday, on that day, deputies will debate the 2027
[00:08:17] budget. Kiliane Chapu.
[00:08:21] Starting tomorrow, the government begins a week of high
[00:08:25] tension, at the forefront, the student protest with a
[00:08:28] new meeting this Tuesday, a day of strike called by student
[00:08:32] unions. On Tuesday, the
[00:08:36] the other burning issue of the week, the budget. The
[00:08:39] revenue component has just been rejected in committee by
[00:08:42] deputies, a bad omen for the text's arrival in the
[00:08:45] assembly. Sébastien Lecornu will therefore begin a
[00:08:48] long series of negotiations. In reality, he has no real room for maneuver simply
[00:08:52] because he is ultra-minority.
[00:08:56] assembly will want to try to snatch
[00:08:58] compromises, not necessarily only to pass
[00:09:02] a budget but for each to recover an electoral narrative
[00:09:06] behind it. The government could also face the return of the yellow
[00:09:10] vests this week with the rise in fuel prices, calls to
[00:09:13] demonstrate this Saturday have been launched on social networks, some
[00:09:17] political leaders such as Fabien Roussel and Marine Tondelier
[00:09:21] have already given their support, a high-risk
[00:09:24] campaign has begun in Spain for Prime Minister
[00:09:28] Pedro Sanchez, pardon me, remains determined to have
[00:09:31] the housing decrees adopted that were rejected last week, it must be said that
[00:09:34] the shadow of Mari Carmen Abascal hangs over these early
[00:09:38] elections, her death a few days after being expelled putting
[00:09:43] tragically, a major societal issue. Marion
[00:09:46] Meyer.
[00:09:49] As he did 3 years ago during the last elections, he returns to
[00:09:52] Dos Hermanas in the Seville suburbs to launch his
[00:09:56] campaign. Pedro Sanchez, in power for
[00:09:59] 8 years, is fighting to stay at the head of the government. His
[00:10:03] objective is to obtain a majority in parliament to
[00:10:06] strengthen his housing
[00:10:07] policy.
[00:10:11] Here is my commitment. Housing policy has no expiry
[00:10:14] date. The next parliament, with a large majority and a
[00:10:17] progressive government, will strengthen and maintain the royal
[00:10:20] decree-law on housing.
[00:10:24] Facing him. His main rival, the leader of the People's
[00:10:27] Party, Alberto Núñez Feijóo, a few weeks after the
[00:10:31] migratory crisis in Ceuta, he chooses to focus on
[00:10:35] authority.
[00:10:38] We must protect our security, protect
[00:10:41] our borders, protect our rights. We must protect
[00:10:45] our way of life. Three words: order,
[00:10:49] security and prosperity, and one
[00:10:51] decision, to serve and defend Spain.
[00:10:56] If the Popular Party and the far-right Vox party remain the
[00:11:00] favorites in these elections, a new face appears in the Spanish
[00:11:03] political chessboard, that of lawyer Miriam
[00:11:07] Gonzales who is launching a centrist
[00:11:09] party.
[00:11:12] In Spain, we cannot continue with two rigid
[00:11:15] blocs, with nothing to promote
[00:11:17] consensus. Because we risk destroying the potential of this
[00:11:21] country. There is still time, we know.
[00:11:29] Meanwhile, anger does not subside in the streets, thousands of
[00:11:33] demonstrators continue to demand better housing rights.
[00:11:36] To influence the debates, the main Spanish unions
[00:11:40] have called for a general strike on November 11th, just
[00:11:44] a few days before the
[00:11:46] election.
[00:11:49] A new hurricane is causing concern, it is approaching
[00:11:52] Mexico and is expected to make landfall or move along the
[00:11:55] country's central-west coast, with winds expected to reach up to
[00:11:58] 249 km/h, torrential
[00:12:01] rains have already caused flooding in
[00:12:04] Acapulco, in Florida, the population is assessing
[00:12:07] the damage with after the passage
[00:12:10] of Izayas, four people have lost their lives, hundreds of thousands of
[00:12:14] people are still without electricity.
[00:12:18] Robots are becoming more and more visible in our daily lives,
[00:12:21] imagine that they are preparing to do handling in our European
[00:12:25] supermarkets, in China, tens of thousands of factories are already integrating them into
[00:12:29] production. Marion
[00:12:30] Meyer.
[00:12:33] In the aisles of this supermarket, new employees are on
[00:12:37] trial. These robots controlled
[00:12:40] remotely, learn to grasp products and fill the
[00:12:44] shelves. A pilot project implemented since
[00:12:47] June in the establishments of the largest distribution group in
[00:12:50] Denmark.
[00:12:53] We are starting.
[00:13:55] staff when registering customers, he could also
[00:13:58] be a museum guide, exhibition or any other
[00:14:02] event, improved skills thanks to
[00:14:05] artificial intelligence which already threatens the European labor
[00:14:09] market, just in France, according to a recent study by the
[00:14:12] Banque de France, hirings on permanent contracts have fallen by 28
[00:14:16] % among young people in the most exposed
[00:14:18] professions,
[00:14:47] the Echo week on France 24, at the
[00:14:50] forefront of economic news, the beginning of a parliamentary
[00:14:53] marathon. A few days after its presentation to the Council
[00:14:57] of Ministers, the 2027 finance bill will be examined in
[00:15:01] plenary session by the National Assembly next Tuesday, but
[00:15:05] deputies have already started working in the finance committee on
[00:15:08] this text drafted by Sébastien Lecornu, a Prime
[00:15:12] Minister who has to deal with spiraling deficits, soaring
[00:15:15] debt, high school students demanding resources, French people suffering from the
[00:15:19] surge in fuel prices and all this while the presidential campaign
[00:15:23] is already well underway then... What budget for France, what room
[00:15:27] for maneuver for the government, we will talk about it
[00:15:31] week. Hello Stéphanie Vill, thank you for being with us, you are
[00:15:35] an economist and economic advisor. at Price Water House,
[00:15:38] Airwan Tyson is also with us,
[00:15:42] the Institut de l'Entreprise, an association
[00:15:46] that reflects on the place of companies in French society.
[00:15:49] Benjamin Macoria is also with us, economist, co-founder of
[00:15:53] "Les économistes atterrés", thank you for being with us, and then
[00:15:56] online with us Marion Dervieux, tax lawyer from
[00:16:00] the Arsen firm. First, the floor to Sébastien
[00:16:05] the student crisis, the head of the
[00:16:09] address, a speech which was also an opportunity to
[00:16:12] explain why, according to him, it is urgent to adopt his finance
[00:16:16] bill, listen,
[00:16:19] I therefore appeal to the patriotism of everyone for the discussions
[00:16:22] undertaken to lead to the necessary compromises. Our
[00:16:25] commitment is to bring the public deficit back to 5% in
[00:16:29] 2027, I say this with seriousness, no more,
[00:16:32] the initial target is 4.8 and we have
[00:16:36] raised it to 5. for the needs of our national defense,
[00:16:40] the means to achieve this goal will be discussed
[00:16:44] and that is natural, but we must correct the
[00:16:47] deficit, the French, our partners, but also those who lend
[00:16:50] to us on the markets, must know that this commitment
[00:16:54] will be kept, so the Prime Minister heard
[00:16:57] that the priority is to reduce the public deficit, a deficit which was more
[00:17:01] than 150 billion euros last year, it
[00:17:04] represented 5.1% of GDP. We should be
[00:17:08] around 5.4% this year, to what
[00:17:11] extent, first round of talks, to what extent
[00:17:14] can the finance bill presented by Sébastien Lecornu
[00:17:18] help reduce this deficit, Major
[00:17:21] Macoria, well listen, he has the project
[00:17:24] as presented and then he has the project as it will
[00:17:28] be voted or not voted, huh,
[00:17:31] what strikes me and I don't rejoice in it, huh, is
[00:17:35] that obviously this project will not pass so
[00:17:38] we'll see what happens then after
[00:17:42] we have to ask why it won't pass, it seems to me, huh, I may be
[00:17:45] wrong, it won't pass
[00:17:48] because it's an overall patchwork, it has
[00:17:52] strictly no vision in this project so it doesn't create
[00:17:55] any adhesion, it doesn't even have any coalition behind this
[00:17:59] project, none at all, it's a project that is based on
[00:18:02] cuts, if you prefer,
[00:18:05] essentially on social
[00:18:08] spending, partly on certain
[00:18:12] revenues or tax expenditures that
[00:18:15] benefit companies, it only makes people unhappy, so
[00:18:19] we'll see what happens, but it seems to me
[00:18:22] that a recovery
[00:18:25] is necessary
[00:18:29] with 5% interest rates on
[00:18:32] loans, it's not sustainable, it's just not sustainable.
[00:18:36] uh you're talking, you're talking about
[00:18:39] loan rates on financial markets yes
[00:18:43] I'm talking about the rates that France pays today, the interest rates that France pays
[00:18:47] today uh on its debt, in any case on the debt that it
[00:18:50] renews but well that's not sustainable, it's
[00:18:53] just not sustainable so there is indeed something to do but the way
[00:18:57] this project, this budget was
[00:19:00] designed, conceived etcetera means that
[00:19:04] uh it doesn't bring any adhesion from anyone. Stéphanie
[00:19:07] Vill, do you agree with that, do you think that the bill as
[00:19:11] it was designed by Bercy and Sébastien
[00:19:14] Lecornu, does it have a chance of passing or not? Well, I don't know if it can pass but it
[00:19:18] should in fact, in reality, I think
[00:19:22] that the main objective would be to
[00:19:25] calm the tensions we see on the financial markets and to
[00:19:28] try to
[00:19:31] growth we see on 10-year interest rates because in fact it
[00:19:35] doesn't only affect ultimately the French
[00:19:38] state, the state will borrow at 5% or
[00:19:42] more, but we also know that all economic agents will have to
[00:19:46] French people will have to pay their loans more expensively, I'm thinking of
[00:19:49] French companies that face challenges like all the others
[00:19:53] especially in terms of strategic technology
[00:19:56] well they will be penalized huh compared to
[00:19:59] their partners, especially European ones, we see German
[00:20:03] companies or others will
[00:20:05] borrow cheaper.
[00:20:08] than French companies, so in fact what today
[00:20:11] seems uh dangerous for the state is
[00:20:15] just as much for the entire French economy, I'm talking about the rise in interest
[00:20:19] rates, so Marion Dervieux, precisely we're talking about companies, these companies you
[00:20:22] know them well, they are your clients, how do they
[00:20:25] react to what is happening
[00:20:29] right now at the budgetary
[00:20:32] debate?
[00:20:35] Uh the companies that we advise are
[00:20:38] are of course uh uh uh
[00:20:42] okay to pay their
[00:20:46] tax debt and then to contribute to
[00:20:50] the budget, what is missing today
[00:20:53] in this project and in the way it
[00:20:57] will land, which is the big question mark, is predictability and it's
[00:21:00] uh ultimately the security of the tax
[00:21:04] option, the corporate tax rate is
[00:21:07] a good example, it has had a trajectory of corporate tax rates that
[00:21:11] has evolved over the last 10 years with
[00:21:15] reductions that were announced and that were implemented
[00:21:18] to finally have targeted increases
[00:21:21] on large groups that were supposed to be
[00:21:24] exceptional and are still maintained this year so I think the main
[00:21:28] subject is the search for a certain
[00:21:32] predictability which is a bit complicated to find
[00:21:35] today. Rwan Tison, I know that you are also
[00:21:38] a teacher, we are in the midst of a national education crisis right now, if you had to give a grade
[00:21:41] to this bill, what would it be out of 10, we don't give
[00:21:45] grades anymore, we give assessments.
[00:21:49] uh copy to review, the problem is that he doesn't have
[00:21:54] it's, criticism is easy, action is much less so, but uh from the outside,
[00:21:58] in fact, this was anything but the budget that needed to be done because
[00:22:01] we are in a political moment, indeed, he has no conjunction, he has no coalition, he will have no
[00:22:05] majority to find this budget, we had publicly called on the government to
[00:22:08] try to take advantage
[00:22:12] the end of the five-year term, to try to use, to push the
[00:22:15] last political credit
[00:22:18] to propose a budget at... % why, already on the one hand to
[00:22:22] return to to return to a deficit of 3
[00:22:26] % of GDP that would be therefore within the Maastricht target, even if the
[00:22:29] Maastricht criteria have been largely relaxed, but above all that it could allow to give a little breathing
[00:22:33] room and leeway to the next government because the problem we will have
[00:22:37] is that the next government, whatever it may be, if we can get a majority in
[00:22:40] 2027 in the National Assembly, will have its hands
[00:22:44] and feet tied to implement whatever project it wants to implement before, and democratically, that
[00:22:48] risks posing other problems, that's why. Everyone seems to see the 2027
[00:22:51] deadline as a turning point where we will calm things down a bit, where
[00:22:55] the French economy will calm down,
[00:22:58] where we will purge a little bit the various tensions, but the problem is that we will be in such a, we are in such
[00:23:01] budgetary tension with indeed interest rates that are strangling us and preventing
[00:23:05] all public investment projects as well as private investment projects, as well as
[00:23:09] real estate projects for households, that the next
[00:23:12] government will not, finally, it will not have a magic wand and even if there is a next
[00:23:16] majority government, we will not have a solution that
[00:23:19] will potentially arrive and calm things down, so we should have
[00:23:22] provided for a budget right now that could precisely plan for that horizon, we didn't have it,
[00:23:26] what scares me is that when we look at the three days of debate we had in the National Assembly in
[00:23:29] the finance committee, there is absolutely no rigor, there is
[00:23:33] absolutely no impact study, you have to see, finally, we are
[00:23:37] facing debates that are still a bit lunar, that is to say, there are very few
[00:23:40] adults in the room, if you'll allow me this other professorial
[00:23:43] assessment, we find ourselves with deputies who discuss
[00:23:47] tax rates but on the fly, that is to say... for example without
[00:23:52] article 5 on transmissions, there was a question at one
[00:23:56] point of taxing or not the part that
[00:23:59] companies would reinvest in a company that was currently transmitted at 60
[00:24:03] %. There was an amendment for 70 % and suddenly a deputy raised his hand saying but why
[00:24:07] not 100 % and there was a kind of outcry like that in the bands yes why not 100 % without
[00:24:10] any impact study without thinking that behind it there are several hundred thousand jobs that are
[00:24:14] directly impacted so we are indeed either
[00:24:17] it's the breakdown
[00:24:20] at the assembly or it's other phenomena Yanal had published a note last year saying
[00:24:23] that we were more today in a
[00:24:27] action policy but today unfortunately we no
[00:24:30] longer have the possibility of having something serious and therefore starting from a budget that is not a starting
[00:24:34] point that is not serious enough the arriving point will in any case not
[00:24:38] be rigorous what what is it afraid of it is afraid of the word
[00:24:41] austerity
[00:24:44] it is afraid of rigor yes well yes France for so many years has
[00:24:48] not faced this challenge, I remind you that all European
[00:24:52] countries have managed to respect these
[00:24:55] criteria, we have only worsened while
[00:24:59] we have experienced just like our
[00:25:02] European partners the same crises, whether it's
[00:25:06] COVID, and the energy crises, so today
[00:25:09] we are a bit alone in the room trying to defend a model
[00:25:13] that doesn't stand up, because
[00:25:16] our our state has become ultra indebted.
[00:25:20] 1600 billion in debt just to avoid the
[00:25:23] worst to have a growth of 0.5 so
[00:25:27] it's a reality principle
[00:25:30] the economic policies that have been pursued in any
[00:25:34] case since 2020 have truly not
[00:25:37] worked. However, there are warning signs. The High Council of Public Finance
[00:25:41] is very critical of this draft
[00:25:44] finance law 2027. We should remember that the HCFP
[00:25:48] is an independent body
[00:25:50] placed under the Court of Auditors, and it considers that the government's growth
[00:25:54] assumptions are very optimistic, that this 2027 budget is subject to
[00:25:57] major risks of slippage. Why
[00:26:00] is it that why is it that? the executive doesn't even listen to state
[00:26:04] agencies. It doesn't even listen to state agencies because
[00:26:08] it is trapped in a logic that
[00:26:11] started well before Macron, and
[00:26:15] that Macron himself accentuated,
[00:26:19] which was based on a hypothesis, namely that by
[00:26:22] lightening the burden on companies, by lowering
[00:26:26] taxes, by doing in short what he calls a
[00:26:30] we would sufficiently revive
[00:26:34] private investment to ensure growth.
[00:26:37] However, none of that has happened, and the figure
[00:26:40] given by yourself is quite
[00:26:44] clear: we are at 0.4 while Europe is around
[00:26:48] 1.5. So there is an elephant
[00:26:51] in the room, it must be said, there is an elephant in the room, so this
[00:26:55] elephant how to
[00:26:59] the consensus... of
[00:27:02] mainstream economists
[00:27:05] who have all those who fought to impose
[00:27:09] Macron's policy, it's the problem, it's the social model.
[00:27:13] So there may be a problem with the social model, but we obviously
[00:27:17] cannot have this social model when
[00:27:20] all the largesse we have towards companies,
[00:27:24] particularly large companies and the richest,
[00:27:27] it's unsustainable, it's simply unsustainable. You talk about the High Council
[00:27:31] of Public Finance, you cite, for once,
[00:27:34] the note from the Council of Economic Analysis which, for
[00:27:37] the first time, and it's the same thing, it's a body close to the Prime Minister, and
[00:27:41] so on, which, for the first time, puts its foot in its mouth and says
[00:27:44] that the Treil Pact is
[00:27:48] no longer possible in its current form,
[00:27:50] that the 80 billion
[00:27:54] in tax exemptions are no longer possible in their current
[00:27:57] form, no wealth tax is no longer possible
[00:28:01] in its current form, etc. So that's the elephant in the room,
[00:28:05] that's the elephant in the room, and so if we don't touch that, yes, the
[00:28:08] social model is unmanageable, but if
[00:28:12] we take an overall view, then many things are
[00:28:15] possible. There's a tax lawyer who has these large companies that you
[00:28:18] criticize as clients. What do your clients, Marion
[00:28:22] Dervieux, say to this kind of criticism?
[00:28:25] Not much. Well, I'm not the public advocate
[00:28:29] for my clients.
[00:28:33] The point I think that is important to
[00:28:36] keep in mind is that a company has
[00:28:40] a vocation to make
[00:28:43] results, to grow, and in fact to grow
[00:28:47] with it. It is
[00:28:51] the state, and again, tax is a
[00:28:54] social contract, and I think there is no subject
[00:28:59] point is to know how to
[00:29:02] anticipate it, and
[00:29:05] not to have the impression that, indeed, in the end, we will fall back on the
[00:29:09] burden of companies and large companies because nothing can
[00:29:12] be moved, regarding the
[00:29:16] reforms that concern specific tax
[00:29:19] treatments that apply to certain categories
[00:29:23] of people. So, there is no ready-made answer, and
[00:29:26] I am not here, again, to speak for
[00:29:29] companies on their tax responsibility, but
[00:29:33] it is good management to be able
[00:29:35] to anticipate one's economic situation
[00:29:39] and one's tax situation. And all these adjustments
[00:29:43] and all these discussions and all these debates in recent years on the draft finance
[00:29:46] laws which ultimately lead to
[00:29:49] late modifications, to
[00:29:53] changes as you said earlier
[00:29:57] lump sum on what rate to take as
[00:30:00] an adjustment that leads
[00:30:04] to a trust that is eroding in any case in the model
[00:30:08] aren't you going to react yes I hear
[00:30:11] Benjamin's argument we hear it more and more saying that the current situation would be the policy
[00:30:15] of the... well first of all you have to know that the last 10 years have
[00:30:18] rather been a Keynesian policy on steroids rather than a supply-side policy, I can
[00:30:22] give you as proof 80 80 billion 80 billion in tariff shields for
[00:30:25] households which cost us almost three points of GDP,
[00:30:29] I can give you the reindexation of retirement pensions, the highest increase we have had in the last
[00:30:33] 50 years, of the order of 15 billion, then 10 billion, then 12 billion per
[00:30:37] year, of which Bercy told us, by the way, that 75% of this
[00:30:40] increase had gone exclusively to replenish the
[00:30:43] savings funds of retirees, notably the Livret A, and not
[00:30:46] to fuel the real economy. I can
[00:30:50] give you the abolition of the housing tax, which I think was the original sin of this
[00:30:53] quiquena which allowed, according to several studies, to give an electoral
[00:30:57] boost to Mr. Macron but which was not financed.