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France’s Le Maire says economy is on the right track

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French Finance Minister Bruno Le Maire said on Monday the French economy was on the right track, reiterating economic growth could do better than the 11 percent contraction currently forecast for 2020.

Le Maire made the comments in an interview with France 2 television.

Le Maire added he backed an intervention by the country’s foreign minister Jean-Yves Le Drian in luxury goods giant LVMH’s plans to back out of a takeover of U.S. jeweler Tiffany.

“It was the right decision,” Le Maire told France 2 television, saying that Le Drian was working to protect French interests in his intervention on the LVMH-Tiffany deal.

Last week, LVMH said its board had received a letter from the French foreign ministry asking it to delay the acquisition of Tiffany to beyond Jan. 6, 2021, given the threat of additional U.S. tariffs against French products.

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