Conflict in the Middle East and Ukraine: How Banks Are Reacting
The conflict in the Middle East, which is driving up oil prices and causing turbulence in global markets, combined with the war in Ukraine following a global pandemic, has brought the world to a standstill. Phew! The geopolitical context is enough to give even the calmest economists chills. Yet, in the banking sector, there is no need to panic. According to the French Banking Federation, which represents all banks established in the country, they remain calm, following the lead of 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 business or household, they say: ‘I can manage.’ There is a general pessimism that does not reflect in the numbers.”
Indeed, despite the tensions, the numbers are not really bad. The growth remains steady at a robust pace of around 0.3% in the first quarter of 2026. Far from the specter of recession.
