Orange with Media Services, published on Wednesday, June 01, 2022 at 11:49 am
A few days before the sixth package of sanctions against Russia decided by the EU, the boss of Medef Geoffroy Roux de Bézieux estimated that “politics must take precedence over the economy” in the current circumstances, on the antenna of France Info this Wednesday, June 1.
On Tuesday, French growth was revised downwards in the first quarter of 2022 (-0.2% against zero growth initially measured by INSEE). According to the boss of Medef Geoffroy Roux de Bézieux, at the microphone of France Info this Wednesday, June 1, the economic sanctions imposed on Russia in connection with the war in Ukraine will “hurt” French and European companies.
Yet “politics must take precedence over economics” in the current circumstances.
“It’s necessary accept some economic slowdown to collectively show Russia that we do not accept the aggression that is taking place”, he judged. Emmanuel Macron explained to journalists on Tuesday that this sixth package of sanctions inflicted on Russia decided by the 27 “allows to sanction 80 oligarchs, to ban and sanction three television channels, to withdraw from the payment systems the first bank which represents almost 35% of the Russian market today and, for the first time, to sanction oil.”
“When we deprive ourselves of Russian energy and indirectly of wheat or Ukrainian rapeseed, it is A necessary evil”, added the boss of bosses. “We must be in solidarity with the decisions of the 27, which are difficult to take. It’s up to politicians to decide. not to business leaders”, continued Geoffroy Roux de Bézieux. “It will hurt”, but “the issue behind it is international law, it is something that exceeds the horizon of quarterly or annual profits”.
Several economic indicators have turned red
Since the start of the Russian offensive in Ukraine at the end of February, which caused commodity prices to soar, several economic indicators have turned red. This is, for example, the case of inflation in the euro zone, which reached a new record, to 8.1% over one year in May according to a Eurostat estimate. In France, the inflation rate also crossed the 5% mark (5.2% over one year in May) for the first time since September 1985.
Despite sluggish growth and the sharp acceleration of inflation, Geoffroy Roux de Bézieux once again called on the French government to be “as targeted as possible” in household support systems, contrary to the “whatever the cost” drawn by the executive during the health crisis.