In my view, this is a recession we will feel, and we won't see the upturn until the fall of 2001. The recession will spread to the rest of the world, though tax cuts and falling energy prices may counter it a bit in Europe. The oil shock has proved temporary, and there are tax cuts on the way.
Consumer confidence is high, especially in France.
We lag a few years behind the U.S. when it comes to exploiting the productivity gains of the Internet. If I have an area of nervousness, it is the lack of authority and effectiveness within the European Central Bank. I see opportunities for wise investment in the communications sector. The worst is over. The state still represents too large a presence in the economy.