French President Emmanuel Macron. Picture: REUTERS/GONZALO FUENTESEmmanuel Macron’s government unveiled the long-awaited €100bn stimulus plan the French president is betting on to transform the economy and his political fortunes with less than two years to go until elections.
“This stimulus plan aims to stop our economy collapsing and stop unemployment shooting up,” Prime Minister Jean Castex said on RTL radio. “It has an immediate target, but also a structural and long-term target that is part of the logic of reform and transformation of the presidency.” Governments across Europe are planning additional stimulus as the coronavirus continues to hammer economies. In Germany, Chancellor Angela Merkel’s ruling bloc on Tuesday backed plans allowing for extraordinary deficit spending next year.
Green spending will focus on low-emission transport — particularly the SNCF rail network — and renovations to make buildings more energy efficient. That could benefit large French construction companies including Bouygues and Compagnie de Saint-Gobain, as well as electrical equipment makers such as Legrand and Schneider Electric.
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