Villeroy praises the resilience of the French economy and sees it possible to avoid a hard landing

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The French economy is holding up better than expected and the prospect of a “hard landing” should be avoided, European Central Bank member and Bank of France Governor Francois Villeroy de Galhau said on Wednesday.

“Activity in France is showing better-than-expected resilience,” Villeroy told Radio Classique.

The French economy likely grew slightly in the final quarter of last year, at a time when business activity recovered following October’s refinery strikes and as more nuclear power plants came back into operation, the Bank of France said earlier on Wednesday.

The Bank of France estimated that the eurozone’s second-largest economy would have grown by 0.1% quarter-on-quarter in the last three months of 2022, based on the results of its monthly survey of 8,500 entrepreneurs.

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