Economics
French Have a $146 Billion Savings War Chest From Covid Crisis
- Bank of France says 2020 excess savings EU100B to EU120B
- Firms’ net debt rose EU17B euros in 2020: Bank of France
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French households built up as much as 120 billion euros ($146 billion) in excess savings in 2020 as lockdowns curtailed spending and government aid maintained incomes, according to the Bank of France.
When and how French consumers will spend the nest egg is key to determining the speed of the economic recovery after the pandemic. While there is no full lockdown in France, the prolonged closing of bars and restaurants and a nationwide curfew starting at 6 p.m. is keeping a lid on spending for now.