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00:00:06noon in Paris, hope you are doing well, hello, you are the director of studies at this is Paris Live for you, the
00:00:10state activities of Riyadh International Airport remain suspended after the deadly attacks
00:00:14of recent days, the kingdom is facing a
00:00:17large-scale offensive from the Houthis of Yemen, who have also warned
00:00:21travelers not to use Saudi
00:00:24airports. The mobilization is far from running out of steam in
00:00:28le Cornu, that is to say the seriousness of India, in New Delhi, law enforcement and protesters
00:00:31government gave a televised face off, there were thousands supply-side economy, of arrests yesterday, the leaders
00:00:35of the farmers' movement were finally released, they immediately
00:00:39gave a press conference, and then we will see
00:00:42how robots are penetrating our daily lives in
00:00:46supermarkets, but also the tourism sector, after China, this
00:00:50is becoming a reality in
00:00:53you Europe.
00:00:57say the
00:01:06the level of threat weighing on Saudi the, well, it's, Arabia has changed after yesterday's
00:01:10attack on Riyadh International Airport, 12 people were killed,
00:01:13several hundred were injured, the UN Secretary
00:01:16General said he was deeply shocked and he is not the only one, several
00:01:20embassies have
00:01:22of the end of his five-year term, advised their staff to avoid the airport for
00:01:25a week, the same for schools which have been
00:01:29closed for a week, classes are held remotely, this type of
00:01:32measure in the kingdom is extremely rare
00:01:35in Alisbroga.
00:01:39In front of Riyadh airport, a line of ambulances and
00:01:43disoriented passengers, these are the rare images coming out
00:01:46of Saudi Arabia for the moment after the deadly strike that targeted
00:01:50the capital's airport on Saturday around 3 p.m. Witnesses
00:01:53describe scenes of chaos with hundreds of injured and dozens
00:01:57of ambulances called in urgently.
00:02:00The General Authority of Civil Aviation said that the attack caused several
00:02:03injuries whose condition is being evaluated, it specified that
00:02:06airport operations were temporarily suspended pending a
00:02:10full assessment of the damage and the verification of the safety of the
00:02:13facilities in coordination with the competent authorities. All
00:02:17flights to Riyadh were diverted or canceled. Later
00:02:21that evening, the authorities reported the fall of a projectile near
00:02:25another airport, that of Damasmam in the east of the
00:02:28kingdom. These attacks... which have not been claimed are
00:02:31attributed to the Houthi rebels of Yemen who oppose the Yemeni
00:02:35will know tonight the results of the first round of government forces supported by Saudi Arabia and who launched
00:02:39a lightning offensive in September, strengthening their grip on the strategic
00:02:42Bab el-Mandeb strait. In recent days, the intensity and
00:02:46frequency of attacks targeting Riyadh have
00:02:48the one that will give the impetus for growth of increased. The city's airport has already been targeted twice this
00:02:52week, several people have been killed and injured. To counter the
00:02:56there. The Houthis, the Saudi kingdom has been seeking military aid from its American
00:02:59militaire de son. américain
00:03:02enter into the debates spoke about without success. Donald Trump remained vague on the subject on Saturday in front of
00:03:05journalists. Have you decided to join the Saudi
00:03:08strikes? 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
00:03:15quickly. These strikes on Riyadh come shortly
00:03:19before the annual investment conference in
00:03:23Prime Minister will also have to deal with the kingdom in October, which attracts visitors from all over the
00:03:25world.
00:03:27We have learned of the shipwreck off the coast of Djibouti of a boat, at least
00:03:31109 people are dead, more than
00:03:34116 are missing, teams from the International
00:03:38Organization for Migration are on the ground to provide emergency
00:03:43Each of the parties in the aid, apparently this boat was heading towards
00:03:47Yemen. The anger is great in India after the
00:03:51repression of a demonstration organized by the
00:03:53ease the farmers' movement, its leader, its leaders, several
00:03:56leaders have been released, they
00:03:59it's 10:14 in Paris, that's the essential news, were arrested as soon as they
00:04:01immediately the economy week, got off the plane yesterday, there were thousands of arrests, a
00:04:03large security presence had been put in place to prevent protesters
00:04:07from going to New
00:04:08Delhi.
00:04:13your program with the social security for French people Fist raised in a sign of victory, the three leaders of the farmers'
00:04:16movement regained their freedom this Sunday, the day after their
00:04:20arrest in New Delhi.
00:04:22Narendra Modi is the biggest coward this country has ever
00:04:25known.
00:04:27The three leaders of the protest movement had been
00:04:31arrested even before they got off the plane, on the grounds that the demonstration they had
00:04:34called for on Saturday had not been authorized. Police
00:04:37deployed en masse in the streets of the Indian capital on Saturday
00:04:41made over 2000 arrests in an attempt to prevent the rally
00:04:45from taking place. We were truly peaceful, a
00:04:49policeman arrived and was arrested. This is what our
00:04:52state does.
00:04:54The authorities are trying to suppress this new wave of protests by farmers
00:04:58who are demanding the resignation of the president of the election commission, Guilanage
00:05:02Coumar. For several weeks, the CJP, the Farmers' People's Party,
00:05:06with the guests of the Echo has been leading the rebellion jointly with the Indian Congress
00:05:09opposition party. It challenges the recent revision of the electoral
00:05:12lists, officially aimed at removing duplicates and
00:05:16fraudsters, but this reform has resulted in the deletion of 130
00:05:19million voters, and is accused of favoring supporters of Prime Minister
00:05:23Narendra Modi's
00:05:25party.
00:05:28I think the Election Commission and its head, Coumar, as well as the country's
00:05:31top leaders, lack transparency. What's wrong
00:05:34with gathering to express this
00:05:36opinion?
00:05:38While the farmers' leaders called on Sunday to continue the protest
00:05:42in the streets, thousands of police officers and paramilitary
00:05:46forces remained deployed in the
00:05:48capital. after the acts, the words Donald
00:05:52Trump no longer supports Vladimir Zelensky and aligns with the
00:05:55Russian position, there must be a presidential election in
00:05:59Ukraine, according to him. Yesterday, the American president announced an agreement
00:06:02providing for a significant purchase of Russian diesel. I suggest
00:06:06listen to him.
00:06:10Zelensky could have resolved this conflict at
00:06:13the beginning and he chose not to, you know what I
00:06:17suggest, I suggest that Ukrainians find a new leader
00:06:21who can make deals, Zelensky could have made many and he didn't,
00:06:25so questions remain unanswered
00:06:29after yesterday's announcement of this massive purchase of Russian
00:06:32diesel, what will be the real impact on the mid-term elections in the United States
00:06:36and what could also be the repercussions in France, this is what Marjorie
00:06:40Lemer explains for France 2.
00:06:43At the pump, prices continue to rise, but the arrival of nearly
00:06:472 million tons of Russian diesel on the markets by winter could it
00:06:51curb this surge in France? It could
00:06:54limit the increase, but I don't think it will cause a decrease, at best, the
00:06:58increase we saw in September which is linked to these two
00:07:02wars, well, that increase will be contained for the next few
00:07:05months, once again, this is provided that Russia really
00:07:09exports these volumes. Will French motorists use
00:07:12Russian fuel? Normally no, because the European Union no
00:07:16longer buys it to avoid financing the war effort of the Kremlin in Ukraine. Russian
00:07:19oil and oil products are under sanction, so they should
00:07:23not return to the European Union, they could perhaps
00:07:27go to the United Kingdom because the sanctions have been a
00:07:30little changed, but on the European Union normally no.
00:07:34The European Union was dismayed by this new agreement between Donald Trump and
00:07:37Vladimir Putin. Tomorrow, the 27 could approve the most
00:07:41important sanctions against Russia since the beginning of the
00:07:44conflict, we
00:07:47the left primary, perhaps there will not even be a second
00:07:51round, this is in any case the hope of Raphael Gluxmann, the
00:07:54vote had been extended by 24 hours after having been disrupted
00:07:58by a cyber attack, in case of a second round,
00:08:01this would take place next weekend,
00:08:04on the national level, next week
00:08:07promises to be quite intense, professional and student inter-union
00:08:11calls for a day of massive mobilization
00:08:14on Tuesday, on that day, deputies will debate the 2027
00:08:17budget. Kiliane Chapu.
00:08:21Starting tomorrow, the government begins a week of high
00:08:25tension, at the forefront, the student protest with a
00:08:28new meeting this Tuesday, a day of strike called by student
00:08:32unions. On Tuesday, the
00:08:36the other burning issue of the week, the budget. The
00:08:39revenue component has just been rejected in committee by
00:08:42deputies, a bad omen for the text's arrival in the
00:08:45assembly. Sébastien Lecornu will therefore begin a
00:08:48long series of negotiations. In reality, he has no real room for maneuver simply
00:08:52because he is ultra-minority.
00:08:56assembly will want to try to snatch
00:08:58compromises, not necessarily only to pass
00:09:02a budget but for each to recover an electoral narrative
00:09:06behind it. The government could also face the return of the yellow
00:09:10vests this week with the rise in fuel prices, calls to
00:09:13demonstrate this Saturday have been launched on social networks, some
00:09:17political leaders such as Fabien Roussel and Marine Tondelier
00:09:21have already given their support, a high-risk
00:09:24campaign has begun in Spain for Prime Minister
00:09:28Pedro Sanchez, pardon me, remains determined to have
00:09:31the housing decrees adopted that were rejected last week, it must be said that
00:09:34the shadow of Mari Carmen Abascal hangs over these early
00:09:38elections, her death a few days after being expelled putting
00:09:43tragically, a major societal issue. Marion
00:09:46Meyer.
00:09:49As he did 3 years ago during the last elections, he returns to
00:09:52Dos Hermanas in the Seville suburbs to launch his
00:09:56campaign. Pedro Sanchez, in power for
00:09:598 years, is fighting to stay at the head of the government. His
00:10:03objective is to obtain a majority in parliament to
00:10:06strengthen his housing
00:10:07policy.
00:10:11Here is my commitment. Housing policy has no expiry
00:10:14date. The next parliament, with a large majority and a
00:10:17progressive government, will strengthen and maintain the royal
00:10:20decree-law on housing.
00:10:24Facing him. His main rival, the leader of the People's
00:10:27Party, Alberto Núñez Feijóo, a few weeks after the
00:10:31migratory crisis in Ceuta, he chooses to focus on
00:10:35authority.
00:10:38We must protect our security, protect
00:10:41our borders, protect our rights. We must protect
00:10:45our way of life. Three words: order,
00:10:49security and prosperity, and one
00:10:51decision, to serve and defend Spain.
00:10:56If the Popular Party and the far-right Vox party remain the
00:11:00favorites in these elections, a new face appears in the Spanish
00:11:03political chessboard, that of lawyer Miriam
00:11:07Gonzales who is launching a centrist
00:11:09party.
00:11:12In Spain, we cannot continue with two rigid
00:11:15blocs, with nothing to promote
00:11:17consensus. Because we risk destroying the potential of this
00:11:21country. There is still time, we know.
00:11:29Meanwhile, anger does not subside in the streets, thousands of
00:11:33demonstrators continue to demand better housing rights.
00:11:36To influence the debates, the main Spanish unions
00:11:40have called for a general strike on November 11th, just
00:11:44a few days before the
00:11:46election.
00:11:49A new hurricane is causing concern, it is approaching
00:11:52Mexico and is expected to make landfall or move along the
00:11:55country's central-west coast, with winds expected to reach up to
00:11:58249 km/h, torrential
00:12:01rains have already caused flooding in
00:12:04Acapulco, in Florida, the population is assessing
00:12:07the damage with after the passage
00:12:10of Izayas, four people have lost their lives, hundreds of thousands of
00:12:14people are still without electricity.
00:12:18Robots are becoming more and more visible in our daily lives,
00:12:21imagine that they are preparing to do handling in our European
00:12:25supermarkets, in China, tens of thousands of factories are already integrating them into
00:12:29production. Marion
00:12:30Meyer.
00:12:33In the aisles of this supermarket, new employees are on
00:12:37trial. These robots controlled
00:12:40remotely, learn to grasp products and fill the
00:12:44shelves. A pilot project implemented since
00:12:47June in the establishments of the largest distribution group in
00:12:50Denmark.
00:12:53We are starting.
00:13:55staff when registering customers, he could also
00:13:58be a museum guide, exhibition or any other
00:14:02event, improved skills thanks to
00:14:05artificial intelligence which already threatens the European labor
00:14:09market, just in France, according to a recent study by the
00:14:12Banque de France, hirings on permanent contracts have fallen by 28
00:14:16% among young people in the most exposed
00:14:18professions,
00:14:47the Echo week on France 24, at the
00:14:50forefront of economic news, the beginning of a parliamentary
00:14:53marathon. A few days after its presentation to the Council
00:14:57of Ministers, the 2027 finance bill will be examined in
00:15:01plenary session by the National Assembly next Tuesday, but
00:15:05deputies have already started working in the finance committee on
00:15:08this text drafted by Sébastien Lecornu, a Prime
00:15:12Minister who has to deal with spiraling deficits, soaring
00:15:15debt, high school students demanding resources, French people suffering from the
00:15:19surge in fuel prices and all this while the presidential campaign
00:15:23is already well underway then... What budget for France, what room
00:15:27for maneuver for the government, we will talk about it
00:15:31week. Hello Stéphanie Vill, thank you for being with us, you are
00:15:35an economist and economic advisor. at Price Water House,
00:15:38Airwan Tyson is also with us,
00:15:42the Institut de l'Entreprise, an association
00:15:46that reflects on the place of companies in French society.
00:15:49Benjamin Macoria is also with us, economist, co-founder of
00:15:53"Les économistes atterrés", thank you for being with us, and then
00:15:56online with us Marion Dervieux, tax lawyer from
00:16:00the Arsen firm. First, the floor to Sébastien
00:16:05the student crisis, the head of the
00:16:09address, a speech which was also an opportunity to
00:16:12explain why, according to him, it is urgent to adopt his finance
00:16:16bill, listen,
00:16:19I therefore appeal to the patriotism of everyone for the discussions
00:16:22undertaken to lead to the necessary compromises. Our
00:16:25commitment is to bring the public deficit back to 5% in
00:16:292027, I say this with seriousness, no more,
00:16:32the initial target is 4.8 and we have
00:16:36raised it to 5. for the needs of our national defense,
00:16:40the means to achieve this goal will be discussed
00:16:44and that is natural, but we must correct the
00:16:47deficit, the French, our partners, but also those who lend
00:16:50to us on the markets, must know that this commitment
00:16:54will be kept, so the Prime Minister heard
00:16:57that the priority is to reduce the public deficit, a deficit which was more
00:17:01than 150 billion euros last year, it
00:17:04represented 5.1% of GDP. We should be
00:17:08around 5.4% this year, to what
00:17:11extent, first round of talks, to what extent
00:17:14can the finance bill presented by Sébastien Lecornu
00:17:18help reduce this deficit, Major
00:17:21Macoria, well listen, he has the project
00:17:24as presented and then he has the project as it will
00:17:28be voted or not voted, huh,
00:17:31what strikes me and I don't rejoice in it, huh, is
00:17:35that obviously this project will not pass so
00:17:38we'll see what happens then after
00:17:42we have to ask why it won't pass, it seems to me, huh, I may be
00:17:45wrong, it won't pass
00:17:48because it's an overall patchwork, it has
00:17:52strictly no vision in this project so it doesn't create
00:17:55any adhesion, it doesn't even have any coalition behind this
00:17:59project, none at all, it's a project that is based on
00:18:02cuts, if you prefer,
00:18:05essentially on social
00:18:08spending, partly on certain
00:18:12revenues or tax expenditures that
00:18:15benefit companies, it only makes people unhappy, so
00:18:19we'll see what happens, but it seems to me
00:18:22that a recovery
00:18:25is necessary
00:18:29with 5% interest rates on
00:18:32loans, it's not sustainable, it's just not sustainable.
00:18:36uh you're talking, you're talking about
00:18:39loan rates on financial markets yes
00:18:43I'm talking about the rates that France pays today, the interest rates that France pays
00:18:47today uh on its debt, in any case on the debt that it
00:18:50renews but well that's not sustainable, it's
00:18:53just not sustainable so there is indeed something to do but the way
00:18:57this project, this budget was
00:19:00designed, conceived etcetera means that
00:19:04uh it doesn't bring any adhesion from anyone. Stéphanie
00:19:07Vill, do you agree with that, do you think that the bill as
00:19:11it was designed by Bercy and Sébastien
00:19:14Lecornu, does it have a chance of passing or not? Well, I don't know if it can pass but it
00:19:18should in fact, in reality, I think
00:19:22that the main objective would be to
00:19:25calm the tensions we see on the financial markets and to
00:19:28try to
00:19:31growth we see on 10-year interest rates because in fact it
00:19:35doesn't only affect ultimately the French
00:19:38state, the state will borrow at 5% or
00:19:42more, but we also know that all economic agents will have to
00:19:46French people will have to pay their loans more expensively, I'm thinking of
00:19:49French companies that face challenges like all the others
00:19:53especially in terms of strategic technology
00:19:56well they will be penalized huh compared to
00:19:59their partners, especially European ones, we see German
00:20:03companies or others will
00:20:05borrow cheaper.
00:20:08than French companies, so in fact what today
00:20:11seems uh dangerous for the state is
00:20:15just as much for the entire French economy, I'm talking about the rise in interest
00:20:19rates, so Marion Dervieux, precisely we're talking about companies, these companies you
00:20:22know them well, they are your clients, how do they
00:20:25react to what is happening
00:20:29right now at the budgetary
00:20:32debate?
00:20:35Uh the companies that we advise are
00:20:38are of course uh uh uh
00:20:42okay to pay their
00:20:46tax debt and then to contribute to
00:20:50the budget, what is missing today
00:20:53in this project and in the way it
00:20:57will land, which is the big question mark, is predictability and it's
00:21:00uh ultimately the security of the tax
00:21:04option, the corporate tax rate is
00:21:07a good example, it has had a trajectory of corporate tax rates that
00:21:11has evolved over the last 10 years with
00:21:15reductions that were announced and that were implemented
00:21:18to finally have targeted increases
00:21:21on large groups that were supposed to be
00:21:24exceptional and are still maintained this year so I think the main
00:21:28subject is the search for a certain
00:21:32predictability which is a bit complicated to find
00:21:35today. Rwan Tison, I know that you are also
00:21:38a teacher, we are in the midst of a national education crisis right now, if you had to give a grade
00:21:41to this bill, what would it be out of 10, we don't give
00:21:45grades anymore, we give assessments.
00:21:49uh copy to review, the problem is that he doesn't have
00:21:54it's, criticism is easy, action is much less so, but uh from the outside,
00:21:58in fact, this was anything but the budget that needed to be done because
00:22:01we are in a political moment, indeed, he has no conjunction, he has no coalition, he will have no
00:22:05majority to find this budget, we had publicly called on the government to
00:22:08try to take advantage
00:22:12the end of the five-year term, to try to use, to push the
00:22:15last political credit
00:22:18to propose a budget at... % why, already on the one hand to
00:22:22return to to return to a deficit of 3
00:22:26% of GDP that would be therefore within the Maastricht target, even if the
00:22:29Maastricht criteria have been largely relaxed, but above all that it could allow to give a little breathing
00:22:33room and leeway to the next government because the problem we will have
00:22:37is that the next government, whatever it may be, if we can get a majority in
00:22:402027 in the National Assembly, will have its hands
00:22:44and feet tied to implement whatever project it wants to implement before, and democratically, that
00:22:48risks posing other problems, that's why. Everyone seems to see the 2027
00:22:51deadline as a turning point where we will calm things down a bit, where
00:22:55the French economy will calm down,
00:22:58where we will purge a little bit the various tensions, but the problem is that we will be in such a, we are in such
00:23:01budgetary tension with indeed interest rates that are strangling us and preventing
00:23:05all public investment projects as well as private investment projects, as well as
00:23:09real estate projects for households, that the next
00:23:12government will not, finally, it will not have a magic wand and even if there is a next
00:23:16majority government, we will not have a solution that
00:23:19will potentially arrive and calm things down, so we should have
00:23:22provided for a budget right now that could precisely plan for that horizon, we didn't have it,
00:23:26what scares me is that when we look at the three days of debate we had in the National Assembly in
00:23:29the finance committee, there is absolutely no rigor, there is
00:23:33absolutely no impact study, you have to see, finally, we are
00:23:37facing debates that are still a bit lunar, that is to say, there are very few
00:23:40adults in the room, if you'll allow me this other professorial
00:23:43assessment, we find ourselves with deputies who discuss
00:23:47tax rates but on the fly, that is to say... for example without
00:23:52article 5 on transmissions, there was a question at one
00:23:56point of taxing or not the part that
00:23:59companies 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
00:24:07not 100 % and there was a kind of outcry like that in the bands yes why not 100 % without
00:24:10any impact study without thinking that behind it there are several hundred thousand jobs that are
00:24:14directly impacted so we are indeed either
00:24:17it's the breakdown
00:24:20at the assembly or it's other phenomena Yanal had published a note last year saying
00:24:23that we were more today in a
00:24:27action policy but today unfortunately we no
00:24:30longer have the possibility of having something serious and therefore starting from a budget that is not a starting
00:24:34point that is not serious enough the arriving point will in any case not
00:24:38be rigorous what what is it afraid of it is afraid of the word
00:24:41austerity
00:24:44it is afraid of rigor yes well yes France for so many years has
00:24:48not faced this challenge, I remind you that all European
00:24:52countries have managed to respect these
00:24:55criteria, we have only worsened while
00:24:59we have experienced just like our
00:25:02European partners the same crises, whether it's
00:25:06COVID, and the energy crises, so today
00:25:09we are a bit alone in the room trying to defend a model
00:25:13that doesn't stand up, because
00:25:16our our state has become ultra indebted.
00:25:201600 billion in debt just to avoid the
00:25:23worst to have a growth of 0.5 so
00:25:27it's a reality principle
00:25:30the economic policies that have been pursued in any
00:25:34case since 2020 have truly not
00:25:37worked. However, there are warning signs. The High Council of Public Finance
00:25:41is very critical of this draft
00:25:44finance law 2027. We should remember that the HCFP
00:25:48is an independent body
00:25:50placed under the Court of Auditors, and it considers that the government's growth
00:25:54assumptions are very optimistic, that this 2027 budget is subject to
00:25:57major risks of slippage. Why
00:26:00is it that why is it that? the executive doesn't even listen to state
00:26:04agencies. It doesn't even listen to state agencies because
00:26:08it is trapped in a logic that
00:26:11started well before Macron, and
00:26:15that Macron himself accentuated,
00:26:19which was based on a hypothesis, namely that by
00:26:22lightening the burden on companies, by lowering
00:26:26taxes, by doing in short what he calls a
00:26:30we would sufficiently revive
00:26:34private investment to ensure growth.
00:26:37However, none of that has happened, and the figure
00:26:40given by yourself is quite
00:26:44clear: we are at 0.4 while Europe is around
00:26:481.5. So there is an elephant
00:26:51in the room, it must be said, there is an elephant in the room, so this
00:26:55elephant how to
00:26:59the consensus... of
00:27:02mainstream economists
00:27:05who have all those who fought to impose
00:27:09Macron's policy, it's the problem, it's the social model.
00:27:13So there may be a problem with the social model, but we obviously
00:27:17cannot have this social model when
00:27:20all the largesse we have towards companies,
00:27:24particularly large companies and the richest,
00:27:27it's unsustainable, it's simply unsustainable. You talk about the High Council
00:27:31of Public Finance, you cite, for once,
00:27:34the note from the Council of Economic Analysis which, for
00:27:37the first time, and it's the same thing, it's a body close to the Prime Minister, and
00:27:41so on, which, for the first time, puts its foot in its mouth and says
00:27:44that the Treil Pact is
00:27:48no longer possible in its current form,
00:27:50that the 80 billion
00:27:54in tax exemptions are no longer possible in their current
00:27:57form, no wealth tax is no longer possible
00:28:01in its current form, etc. So that's the elephant in the room,
00:28:05that's the elephant in the room, and so if we don't touch that, yes, the
00:28:08social model is unmanageable, but if
00:28:12we take an overall view, then many things are
00:28:15possible. There's a tax lawyer who has these large companies that you
00:28:18criticize as clients. What do your clients, Marion
00:28:22Dervieux, say to this kind of criticism?
00:28:25Not much. Well, I'm not the public advocate
00:28:29for my clients.
00:28:33The point I think that is important to
00:28:36keep in mind is that a company has
00:28:40a vocation to make
00:28:43results, to grow, and in fact to grow
00:28:47with it. It is
00:28:51the state, and again, tax is a
00:28:54social contract, and I think there is no subject
00:28:59point is to know how to
00:29:02anticipate it, and
00:29:05not to have the impression that, indeed, in the end, we will fall back on the
00:29:09burden of companies and large companies because nothing can
00:29:12be moved, regarding the
00:29:16reforms that concern specific tax
00:29:19treatments that apply to certain categories
00:29:23of people. So, there is no ready-made answer, and
00:29:26I am not here, again, to speak for
00:29:29companies on their tax responsibility, but
00:29:33it is good management to be able
00:29:35to anticipate one's economic situation
00:29:39and one's tax situation. And all these adjustments
00:29:43and all these discussions and all these debates in recent years on the draft finance
00:29:46laws which ultimately lead to
00:29:49late modifications, to
00:29:53changes as you said earlier
00:29:57lump sum on what rate to take as
00:30:00an adjustment that leads
00:30:04to a trust that is eroding in any case in the model
00:30:08aren't you going to react yes I hear
00:30:11Benjamin's argument we hear it more and more saying that the current situation would be the policy
00:30:15of the... well first of all you have to know that the last 10 years have
00:30:18rather been a Keynesian policy on steroids rather than a supply-side policy, I can
00:30:22give you as proof 80 80 billion 80 billion in tariff shields for
00:30:25households which cost us almost three points of GDP,
00:30:29I can give you the reindexation of retirement pensions, the highest increase we have had in the last
00:30:3350 years, of the order of 15 billion, then 10 billion, then 12 billion per
00:30:37year, of which Bercy told us, by the way, that 75% of this
00:30:40increase had gone exclusively to replenish the
00:30:43savings funds of retirees, notably the Livret A, and not
00:30:46to fuel the real economy. I can
00:30:50give you the abolition of the housing tax, which I think was the original sin of this
00:30:53quiquena which allowed, according to several studies, to give an electoral
00:30:57boost to Mr. Macron but which was not financed.