Like the Banque de France, Crédit Agricole believes that the economic recovery is stronger than expected. “We see that, we have indicators that are very encouraging,” said Tuesday on BFM Business Philippe Brassac, CEO of Crédit Agricole SA.
“At the end of May, beginning of June and until now, we see some indicators, in particular the activity of very small businesses. Very small businesses are payment terminals at merchants. The figure before the crisis was 270 million euros per day, during the confinement we went down to 100 million euros per day only, in June it is 300. (…) It’s the same thing on credit, we have a lot of things that show that at least there is a catch-up effect but in an intense way, in a fast way and therefore it is a part which starts well for the continuation “.
Back to normal
Same observation in real estate with “300,000 housing loan simulations in June, it is more than before the crisis. (…) There is a return to normal, I believe that we cannot not say it otherwise “.
For the manager, the error would be to lock oneself in a counter-productive pessimism. Philippe Brassac has also published a forum in the JDD where he calls not to give up in order to succeed. “Many predictions can be self-fulfilling, especially when they are negative. If everyone expects unemployment to explode, (…) this can have consequences. You have to be pragmatic, you have to look if the devices are there. They are there. We have something to fill the mechanical hole that was created by confinement. If the recovery and therefore the confidence is there, and it is rather the case, so It is encouraging. We are going to say that the game is not won in advance but it is not lost in advance, “he said.
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