It is mainly because the French economy has preserved and strengthened its competitiveness over a long period that we have, in the past four years, enjoyed growth that is robust and more rapid than that of the other large European countries, while also maintaining a large current account surplus. The multipartisan strategy of low inflation and competitiveness, conducted consistently and tenaciously over a long period, must be steadfastly pursued in the single currency context. Fourthly, the gradual change in the mindset governing our perception of economic phenomena The objective of durable, sustained and non-inflationary growth, which could force unemployment down to its low tidemark, could be more easily achieved if Europe and France gradually adopted an open attitude towards the important “factors of production”, namely labour, capital and technical progress. For a long time, persistent mass unemployment, the structural causes of which were poorly understood, led to the adoption of certain neo-Malthusian attitudes: efforts to reduce the available workforce in order to curtail unemployment, spurning productivity-enhancing investment thought to contribute to higher unemployment and, finally, wariness towards technical progress, which was seen as a potential destroyer of jobs. Little wonder that after seeking to limit the available workforce, capital stock and technical progress, Europe and France saw that their non-inflationary growth potential was still not as high as they would have wished, despite the significant advances made in recent years. Fortunately, a profound change in perspective is underway in Europe and France, and we are discarding neo-Malthusian attitudes.

The latest Banque de France survey shows that the capacity utilisation rate has reached a record high. This state of affairs makes the recommendation issued by the Council over the past four years more appropriate than ever: “Now is the time to invest”. •  lastly, actively seek improvements in productivity, which lie at the very heart of economic growth by embracing technical progress, the digital revolution, the new information and communication technologies, biotechnology and material sciences and by promoting a high level of research and development in the productive sector in France as well as Europe. This openness to technical progress and rapid productivity enhancement is one of the keys to maintaining low inflation and a long-lasting growth, which is vibrant, sustainable and creates jobs. *  *  *  This, Ladies and Gentlemen, is what I wished to say about monetary policy and the French and European economies as we stand on the verge of the year 2001. May I draw your attention to the press kit that will be handed out to you. It contains documents that should prove very useful to a sound understanding of the economic and monetary situation, in particular the charts on production bottlenecks and recruitment difficulties. I would also like to point out the one hundred questions-andanswers on the changeover to the euro. These should provide individuals, professionals and the specialised press with clear and accurate information on any questions that may arise regarding the challenging events that await us in the years 2001 and 2002.