15 / 22  BIS central bankers' speeches  16 / 22  BIS central bankers' speeches  As a result, there is now a striking divergence between France and Germany on a number of macroeconomic dimensions: in Germany, the domestic demand-to-GDP ratio is now among the lowest across advanced economies, whereas in France, it is among the highest.
The opposite is true for exports (see Charts 13 and 14). 17 / 22  BIS central bankers' speeches  18 / 22  BIS central bankers' speeches  The recent economic policy orientations and plans set out by the German and French authorities are steps in the right direction. France has already, in recent years, made important progress in addressing these challenges.