Arnaud Montebourg, France’s minister for productive recovery, said a public investment bank will be created by the end of the year, Le Parisien reported in its Sunday edition, citing an interview.
The law to create the bank will be ready after the summer holidays, Montebourg said, according to the newspaper.
Private banks are not “sufficiently interested” in the real economy, preferring to be active in global markets, and the “confusion” between the role of savings banks and investment banks has “many adverse effects,” Montebourg said, according to Le Parisien.
Montebourg said it’s “absurd” that banks post “indecent margins at the cost of crushing our industrial economy,” and setting profit margins at 15 percent enters the realm of “unscrupulousness and indecency,” the paper wrote.
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