The European Commission has passed an ambitious plan to revive the European Union's economies. The agreement reached by the countries gives each beneficiary country the freedom to use the fund as it wishes while setting economic growth as the main priority the member states should work on, reassuring many of the markets that were forced to close in light of the coronavirus pandemic. Moreover, thanks to the measures implemented by President Macron, France has already begun reassuring national and foreign investors. These measures took into account a report issued by the Economic Commission of the Senate to better prepare for the post-pandemic world. This report focused on the following four points:

Deepen European construction to influence globalization
Improve the competitiveness of French companies
Diversify supply chains and relocate some vital production centers
Make the energy transition a priority level for recovery

In his televised address to the nation, President Macron underlined the importance of mitigating the aftermath of the pandemic on workers, entrepreneurs, and the most precarious populations. He insisted, “We need to create new jobs by investing in our technological, digital, industrial, and agricultural independence. Through research, consolidation of sectors, attractiveness, and relocations when justified.” He also stressed the need to fight for the survival of the hardest-hit sectors: the automotive industry, aeronautics, tourism, culture, catering, and hotels. He clearly reaffirmed his intention to invest in national productions and encouraged relocations in certain sectors considered to be priorities and thus limit dependence on external suppliers.

Although these measures may not completely prevent the collapse of the French economy, it will still help mitigate some of the damage and accelerate the recovery for the first quarter of 2021 if they produce the expected results. However, we cannot let our guards down just yet, since the second wave of the COVID-19 pandemic may bring even more devastating effects on both the national and regional economy.

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