Decryption. Why does the economy resist despite a poly

The conflict in the Middle East, which is causing oil prices to skyrocket and creating fluctuations in all global stock markets, adding to the war in Ukraine, which came after a global pandemic and brought the world to a standstill. Phew! The geopolitical context is enough to give even the calmest economist chills. However, in the banks, the situation is not one of panic. According to the French Banking Federation, which represents all banks operating in the country, they are keeping a cool head, like Maya Atig, the general director. “The French are always pessimistic about the economic situation when asked, she begins. But when it comes to their own company or household, they say: ‘I’m managing.’ There is a general pessimism that is not reflected in the data.” Indeed, despite the tensions, the numbers are never really bad. Growth remains steady at a resilient rate of around 0.3% in the first quarter of 2026. Far from the specter of recession.