France’s crisis recovery may be better than expected – central bank head – ZAWYA

France’s crisis recovery may be better than expected – central bank head – ZAWYA

France's crisis recovery may be better than expected - central bank head Household and private sector confidence were the key to a relatively swift recovery,    Governor of the Bank of France Francois Villeroy de Galhau speaks during a news conference at the G7 finance ministers and central bank governors meeting in Chantilly, near Paris, France, July 18, 2019. PARIS - France's economic slump may not be quite as bad as forecast and activity in the euro zone's second biggest economy could return to pre-crisis levels in early 2022, the central bank governor has said.Francois Villeroy de Galhau told Paris Match magazine that President Emmanuel Macron's government must spend wisely to rebuild trust in the economy. Household and private sector confidence were the key to a relatively swift recovery, he said."Our forecasts predict a 10% fall in GDP this year: it may be a little better, with a strong rebound afterwards to hopefully regain a pre-COVID level of activity at the start of 2022," Villeroy said in the interview published on Thursday.Francois Villeroy de Galhau told Paris Match magazine that President Emmanuel Macron's government must spend wisely to rebuild trust in the economy. Household and private sector confidence were the