Founder of Haussmann Venture, Julien Zerbib began his career in Product structuring at OFI Asset Management. He then joined UBS for 5 years in Paris and Monaco as Portfolio Manager and Head of the Structured Products Department. Julien Zerbib holds a double degree from the Magistere Finance of the Sorbonne University and an MBA in Asset Management. His company, Haussmann Venture, is a Parisian investment bank. Created in 2015 by former wealth management and financial engineering executives, Haussmann Venture supports entrepreneurs, managers, shareholders, investment funds and industrial groups in all stages of their company’s growth and wealth management challenges. His skills are private management, family office, private equity, mergers and acquisitions and LBOs. Based on his experience and knowledge, he decided to answer our questions:
Q: Public finances are among the major topics of this campaign. What do you think are the most pragmatic solutions to address this issue?
By definition, improving the state of public finances consists, for a state, in increasing its revenues (or keeping them stable) while reducing its expenditure. Historically, this has been done through a drastic increase in tax revenues, including income taxes – without witnessing a decrease in spending. The French are tired of paying more taxes every year, and we are witnessing a flight of our country’s wealth to countries with low taxes.
To improve the state of public accounts, the next President of the Republic will have to undertake a concrete plan to reduce spending: reducing the number of civil servants, tightening up monitoring of social assistance recipients, and above all completely rethinking our social security model, which presents a financial gulf for the State every year.
Q: Unemployment has never been so high in France. The business world is accused of all the wrongdoings. What solutions do you think are needed to change this state of mind in terms of investment philosophy and policy within companies?
As the creator and manager of my own company, I realize that it is impossible to hire, and therefore naturally to create jobs. Indeed, hiring an employee on a basis of 100 net of taxes represents a cost of 180 for the company (after application of the various charges & social contributions). (source: https://entreprise.pole-emploi.fr/cout-salarie/)Almost twice as much! Under these conditions, how can you hire? These costs must be significantly reduced.
In terms of SME investments, good things have been done in the past with the MADELIN & TEPA schemes that allow investors wishing to invest in the real economy to reduce part of their taxes. We must continue on this path and propose new mechanisms to encourage momentum.
In terms of employment, too, the status of JEI (Young Innovative Company) allows certain companies to benefit from hiring subsidies. But not everyone has the status of a JEI… We should create a generalized system allowing companies under 5 years old to benefit from both tax and contribution reductions to encourage them to hire!
Q: For some candidates, Europe and the Euro are accused of all evils. What is your opinion of the European construction and what are, in your opinion, the projects that remain to be filled?
There is no doubt that Europe & the Euro remain an opportunity for France but it is necessary to know how to take advantage of it. European cohesion should be strengthened on defence and internal security issues. The energy transition and digital projects are to be completed on a European scale. All states must join forces to meet these challenges.
Q: What economic policy do you think needs to be put in place to ensure the success of the next five-year period?
Ask Emmanuel Macron.
Q: Thank you very much for answering our questions.
Interview conducted by Ismail HAJJJI, member of the editorial staff