Editorial - June 2023
Temps de lecture : min
Double whammy
“To be afraid of irony is to fear reason” Sacha Guitry
In the country of all-powerful rule enforcement agencies, it should come as no surprise to see the public authorities trying to lay down the law and regulate the circulation of... savings.
This translates into private sector representatives, particularly from the finance sphere, being regularly summoned, not to the police station but to a well known address close to the Seine, in Paris’ 12 arrondissement. Whether it’s to fight inflation or to combat climate change, and talking both literally and figuratively, the private sector is taxed heavily.
It translates into industrialisation in our beautiful country often boiling down to the production of regulatory reports, and inflation being at its most rampant in our legislative output.
« We should remember that our best export successes recently have been Article 173 of the Energy Transition Act – which returned from Brussels transformed into the SFDR directive – and the Duty of Vigilance Act, which will also come back in directive form (CS3D). »
And it translates into political will invariably leading to the temptation to use prices and standards to administer the economy more and more, and to harness it for its own purposes. And as we are part of the European Union, we have to apply both European laws (often abstruse or overly conceptual) and then a second layer of national legislation (no doubt to add the French touch), which makes the whole thing more complicated. If the aim is to protect savers by boosting their savings, it doesn’t get very far. But if the aim is to create a powerful administrative machine and use up ever more finance industry resources, then it is rather successful!
Yannick TATIBOUËT
Director of Strategic Intelligence, External Relations, and coordination on sustainable finance
June 8, 2023
Covéa Finance, a portfolio management company of the MAAF, MMA and GMF groups with share capital of €24 901 254, incorporated as a single-person simplified joint stock company, registered with the Paris Trade and Companies Register under number 407 625 607 and approved by the French Financial Markets Authority under number GP 97 007.
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