But basically, it’s investment that is causing a particularly serious problem. Another factor is the relative weakness of its export capacity. In the German press, we read news every day about the success of SMEs in the export markets. In France, the industrial landscape centres around a small number of very large export companies.
I think the country has too much of a tendency to wait for the recovery of its commercial partners. Although recent signals have been encouraging, urgent action is required. We are still in a period of balance sheet adjustment, which drags on growth and creates a climate of uncertainty.