On March 17 Bruno Le Maire, French finance minister (their equivalent of Rishi Sunak) unveiled €8.5 billion state scheme to pay French employees ‘partial’ unemployment benefit so as to avoid redundancies during the Coronavirus crisis.
One week on, 730,000 employees are already benefiting from this scheme (cost so far: €2.2 billion). M. Le Maire will not rule out recapitalisation or even nationalisation of larger companies requiring support.
All this is done by the bureaucratic French, who, as we all know are incapable of moving quickly. And they are also using a currency that is, if not foreign, not solely theirs. Meanwhile Britain’s scheme, outlined last week using its own sovereign currency, is supposed to be ready by the end of April.
Bureaucrats who needs them?
The Conservatives do.