A failure to secure a transatlantic trade deal would have a "substantial" effect on France as the world economy slowed down, Laurent Clavel, senior international economist at AXA IM, told CNBC Monday.
Clavel explained that France would fall victim to "less and less trade compared to activity," and he expected "world growth to slow down, especially for developed markets," which would invariably hit France.
On balance, Clavel said that the latest economic data coming out of France was "quite reassuring," despite acknowledging "some structural issues" and a "closing of the trade openness."
Clavel's assessment came after Germany's Vice-Chancellor Sigmar Gabriel said over the weekend that TTIP negotiations had failed. France's Trade Minister Matthias Fekl told CNBC earlier Monday that the U.S. was to blame for the stalled talks.