Activity will fall by 9% to 10% in our country in 2020 according to the Banque de France

"Before the second wave, we thought we would have a recession of just under 9%, we now think that for the whole of 2020 we will be between -9% and -10%" contraction in GDP, said Villeroy de Galhau.

He said that the Banque de France was not at this stage "forecasting the entire quarter because it will actually depend on what happens in December".

The French central bank, which publishes its monthly economic survey of 8.000 companies on Monday, will make a more precise estimate of the decline in activity in 2020 in mid-December, "and it will of course depend on the continuation of this confinement ", explained its governor.

Mr. Villeroy was delighted that the impact of the second confinement on the entire economy is much weaker than that of the first in the spring, with a 12% drop in activity expected in November against -31% in April.

"We have learned collectively to work while protecting employees," he said, noting an activity that continues in industry and construction, in business services thanks to "the progress of telework", as well than in public services which remain open.

He finally called the election of Democrat Joe Biden "good news".

"The United States should become more predictable and contribute to reducing the uncertainties which weigh very negatively" on economic activity, Mr. Villeroy de Galhau said.

But "it is very important for Europe to assert itself," he nevertheless qualified.