The document outlines the establishment and activities of the "Committee for Monitoring and Evaluation of Financial Support Measures to Businesses Affected by the Covid-19 Pandemic". This committee, established in April 2021, was created in response to the unprecedented scale of financial support measures implemented by the French government to mitigate the economic impact of the pandemic. The measures, which included the activity partiality scheme, solidarity funds, state-guaranteed loans, and social contributions deferrals, collectively amounted to €206 billion by March 2021, equivalent to 9% of France's GDP.
The primary objective of this committee is to oversee and evaluate these measures in real-time, fostering a collaborative environment between political representatives, social partners, territorial representatives, and representatives from the Court of Auditors and administrations. The main challenges highlighted include the difficulty in evaluating such urgent measures, the universal nature of the interventions making comparisons across companies challenging, the continuous evolution of the measures based on accumulated experience, and the lack of hindsight due to ongoing restrictions and limited access to business data.
The committee's work is organized around three main areas: discussions with stakeholders about the design, implementation, and effectiveness of the measures; assessment of France's relative position in Europe regarding economic resilience and the use of support mechanisms; and analysis of businesses' use of different measures, with a level of detail and depth likely unparalleled in Europe. The committee has published an interim report after one year of crisis, summarizing accumulated knowledge and insights gained from its activities.
The report emphasizes that the committee's focus has been primarily on four key measures: guaranteed loans, tax deferrals, partial employment schemes, and solidarity funds. The committee's efforts will continue leading up to the final report, aiming to update detailed analyses incorporating the last quarter of 2020 and the first quarter of 2021, and studying the trajectories of businesses (such as employment levels, salary costs, insolvency rates, etc.) based on their use of the measures and exposure to the pandemic.
This document underscores the committee's role in contributing to the enrichment of analytical and evaluation methods for crisis situations like the COVID-19 pandemic, including real-time analyses by organizations such as INSEE, France Strategy, and the Council of Economic Analysis.
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