The 2009 and 2020 crises: diverging external balance trajectories

Crises de 2009 et 2020, des trajectoires divergentes de solde extérieur

Pierre Sicsic

Eco Notepad (in progress) from Banque de France

Abstract: The increase in the French fiscal deficit in 2020 was greater than in 2009 and accompanied by a deterioration in the external deficit. Accordingly, the nation's financing requirements (for households, companies and government) increased in 2020, unlike in 2009, with the financing requirements of financial and non-financial corporations increasing.

En France en 2020, le creusement du déficit public a été plus fort qu’en 2009 et accompagné d’une détérioration du déficit extérieur. Ainsi, le besoin de financement de la Nation (ménages, entreprises et administrations) s’est élargi en 2020, à la différence de 2009, avec un creusement du besoin de financement des sociétés financières et non financières.

Date: 2021-07-02
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