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Denis Beau: Economic Developments in France and the Euro Area

Denis Beau highlighted that France and the euro area have remained surprisingly resilient despite a cascade of shocks, including the Covid‑19 pandemic, the war in Ukraine, and heightened trade tensions. Inflation has dropped sharply, reaching 1.7 % in January and nearing the ECB’s 2 % target. The European Central Bank’s credible tightening achieved what Beau called an “immaculate disinflation” without sparking a recession. He concluded with a medium‑term outlook that stresses vigilance and policy agility amid lingering risks.