It could become an issue for the French economy if we're losing talent. That would be another sign of decay in how French society is preparing for the future.
In the last two months, the ups and down in the consumer spending numbers have been mostly driven by swings in the textile and leather sector.
There is no major disruption of people's lives for the time being, and so there is no great risk to the economy for now. But if the discontent became a national phenomenon, then consumer confidence could suffer.
As long as we don't see house prices coming down, those ECB members wanting higher rates will keep pushing for them. But the consumer is in disarray, so it doesn't mean they'll win.
The French model was exceptionally good at the end of the second World War. You needed a very enlightened elite of technocrats to lead the continent, with American money of course. France has been very good at reconstructing and modernizing.
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