PARIS - Britain’s tortuous Brexit divorce negotiations may dominate the headlines, but France is more worried about the impact on its economic growth from the slowdown in top trading partner Germany.
“We are more concerned about Germany than we are about Brexit. We’re a lot more exposed to Germany,” a senior French Finance Ministry official told Reuters. Signs this week that the Netherlands may loosen its purse-strings in its 2020 budget offer some hope. The measures were mainly aimed at appeasing the “yellow vest” protesters who demonstrated over their falling purchasing power. But the package now looks particularly fortuitous, helping to stave off a downturn like the one Germany has sunk into.
Some French economists take heart from the fact that Germany’s slowdown for now seems to be concentrated in car production. Nonetheless, it is a sector that big French firms are exposed to, said economist Stephen Colliac with trade credit insurance company Euler Hermes. The British press has frequently accused Paris of playing hardball in the Brexit negotiations. But that’s a position the French can afford themselves in light of the limited economic impact Brexit is expected to have in France.
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