INTERVIEW – The founder of Carmignac, Édouard Carmignac, analyzes the current economic situation and suggests ways to mobilize savings.
LE FIGARO. – The French are accumulating savings during this very special period, should we be worried?
Édouard CARMIGNAC. – The French fear for their jobs and for their health. Lower consumer spending has allowed households to save money. All of this is understandable. But this massive savings, nearly 110 billion euros additional in 2020, goes well beyond precautionary savings. In addition to this phenomenon, there is also a very French aversion to risk, which is pushing reserves towards investments that pay very little.
And, however, both the lasting fall in interest rates and the threats posed by the explosion of public debt to our pay-as-you-go pension system make additional funded pensions imperative. Savings must also be a driving force for companies, through investment in shares, or indirectly in funds. This is what I call productive savings. We can hope
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