German “Wumms” vs. French “Relance”: who does it better?

German "Wumms" vs. French "Relance": who does it better?

To boost growth after the Covid-19 fallout, Germany and France have introduced large stimulus packages, which, in terms of magnitude, are playing in the same league (4.3% of 2019 GDP in France vs. 3.8% in Germany). Digging below the surface, however, unveils deeply diverging approaches to boost the recovery. In particular, the two economies appear to have taken cues from each other’s economic rule books, with France focusing above all on supply side support while German fiscal policy has taken a textbook Keynesian spin.

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