French government ‘disarray’ in face of an alarming economic scenario

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It was a warning of the danger to come. “There is a real deflationist threat in Europe,” President François Hollande said in an interview with French daily Le Monde earlier this month. “In France, inflation has never been so low.” Two days earlier, on August 1st, a French government pre-summer break seminar at the Elysée Palace was presented with depressing economic forecasts, and it was as if Hollande felt the need to publicly flag up, without delay, that the ground was crumbling below his feet.