The health pass does not threaten growth, judges the Banque de France

The generalization this summer in France of the health pass does not threaten growth, despite the concerns of many traders about a lower attendance, estimated Thursday the governor of the Bank of France, François Villeroy de Galhau.

The Governor of the Banque de France Francois Villeroy de Galhau and the Minister of the Economy Bruno Le Maire, during a conference in Paris on July 16, 2019 – AFP Archives

“The extension of the health pass, if it leads to an extension of vaccination, should even rather consolidate growth,” said the governor on France Info.

The health pass, which aims to certify that a person does not have Covid-19, will become mandatory by early August to enter a large number of places: restaurants, cinemas, shopping centers, long-distance transport …

But several professional organizations are concerned about the effects of this measure, which explicitly aims to encourage vaccination. They fear a drop in their attendance.

“It is in the interest of (…) all sectors to go as far as possible towards vaccination”, replied François Villeroy de Galhau. “Vaccination is the best protection not only of our health but also of our jobs”.

The governor also downplayed concerns about the economic consequences of a new wave of contamination from the Delta variant, which is more contagious than the previous strains.

“When you look at the past quarters, each wave has had less and less negative economic effects,” he noted, while contaminations have been on the rise again for a week.

“The Delta variant is not the main threat” to the economy, he said, focusing instead on the difficulties of French companies in filling vacant positions.

The Banque de France has already expressed its fears about these recruitment difficulties, mentioned by nearly half of the companies questioned by the institution. This situation is “unacceptable economically and socially” in view of an unemployment rate still high at around 8%, regretted François Villeroy de Galhau.

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