Flags of Germany and France

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Economic Affairs Minister Peter Altmaier met today with François Villeroy de Galhau, President of the Bank of France, for a discussion of the economic and political situation in Germany, France and Europe. The coronavirus pandemic had sent the German and French economies into their worst recession since the Second World War. Despite this, the European Commission expects the economies of the European Union to recover in 2021. Today’s talks noted the initial indications that the economies have bottomed out.

Federal Minister Altmaier said: “I see initial indications that things are picking up again. Since May, large parts of the German economy have been on the road to recovery, as is shown by our latest interim projection. At the same time, some sectors are still suffering severely from the ongoing restrictions. In France, the national office for statistics expects a recovery to set in by the end of the year. Both countries now need to get back to their old strengths whilst shaping the twin challenge of the digital and green transition.

As head of the French central bank, Villeroy de Galhau is also a member of the Franco-German Financial and Economic Council. The Franco-German Financial and Economic Council was founded on the basis of the Élysée Treaty to coordinate financial and economic policy issues. Its members are the German Finance and Economic Affairs Ministers, the French Minister of the Economy and Finance, and the heads of the two national central banks.