PARIS (Reuters) - The next level of A booklet, which will be announced in principle on Thursday, looks like a headache for the government, torn between his desire to preserve the purchasing power of savers and the need not to penalize the economy .
Based on inflation excluding tobacco for 2012 released Thursday, the level of which is expected very low, a substantial drop from the remuneration of savings product preferred by the French, set at 2.25% since mid-2011 , could impose some arguing that she could go to a point.
The Minister of Economy and Finance, Pierre Moscovici, it is clearly excluded this ampleur.
"A decrease of 1%, it does not matter," he said Wednesday on the sidelines of a press conference on the attractiveness of the France.
When asked last week if the rate could go below 2%, it was reported that decline was conceivable in light of the evolution of inflation, but that the French "include bad" it is too importante.
"Many French middle classes are attached to the booklet A and their purchasing power is at the heart of my concerns," he said Wednesday morning on Europe 1.
A decrease in the rate of A booklet has always been a sensitive issue, even after Dominique Strauss-Kahn, Minister of Economy, decided in 1999 to introduce a formula to try to defuse the débat.< / p>
The last formula in place, the third since 1999, gives little room for maneuver to Peter Moscovici.
It leaves the automatic calculation of rates to the Bank of France, which for an opinion to the Ministry of Economy but may waive the application of the formula, citing "exceptional circumstances" or if it considers that the new rate does not "preserve the overall purchasing power of savers" .
For Pierre Moscovici, "it is the government that decides based on this proposal" .
RATE THAT COST CHER
In the current economic environment, reflecting a decrease in the inflation trend seems to be necessary, as pointed out recently by the Governor of the Bank of France Christian Noyer.
"If inflation falls, keep rates down, it means preventing reduction policy rate of the ECB to have an effect in the French economy," he dit.
In fact, the level of remuneration of A booklet has a direct impact on the cost of funds of banks by forcing them to align as much as possible of their booklets ordinary rate and term deposits, and hence the cost of credit clientèle.
Maintaining a booklet A significantly above inflation would also be detrimental to the financing of social housing, which is the main resource, when market rates are at historically bas.
"The risk is to maintain a rate that is costly to everyone except investors who have money in the booklet A," said Cyril Blesson, partner Pair Conseil.
The absence of taxation is another key factor for the product, whose ceiling has been increased by 50% in two steps to reach 22,950 euros, while the government implements this year tightening result for holders patrimoine.
"With tax, A booklet remain a very attractive product even at 1.50%," said Cyril Blesson, also co-editor of the Journal of savings .
With 61.6 million at the end of 2011 and hold an outstanding (end November 2012) to 242 billion euros, the booklet A savings product is most prevalent in France. But the popular epithet attached to it is tiquer.
specialists argue that 8.5% of these books had a balance greater than or equal to the ceiling last year alone accounting for 43.2% of loans and raising the ceiling took the first holders more aisés.
"To debunk the popular image of savings, we must remember that there is a real popular savings product sponsored by the State, SARA, which is income-tested and is paid 50 points base above the passbook, "argues Cyril Blesson.
With Jean-Baptiste Vey, edited by Yves Clarisse
