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Ferdinando Giugliano

The French Are Finally Doing Better Than the Germans

France is no longer looking like one of Europe’s walking wounded. Increasingly, that seems to the fate of the export-dependent Germans.  

A lucky general.

A lucky general.


We’ve become so gloomy about the euro zone that it’s easy to neglect the bright spots.

After a very tough 2018 for President Emmanuel Macron, France, the second-largest economy in the monetary union, is faring much better than most experts would have assumed. Its economic model – less reliant on exports than Germany – is proving more resilient to the dangers of a U.S.-inspired trade war. At the same time, the government’s decision to embark on some fiscal stimulus at the end of last year to stave off the revolt from the “yellow vests” has proven to be lucky. It provided support just as the European economy was about to slow.