French President Francois Hollande changes tack on the economy (photo:dpa)

Hollande’s change of tack is too modest to reform France

French President Francois Hollande appears to have changed tack and moved towards the centre ground in the face of the country’s latest downgrade. But his prescription for reform to boost business and employment appears too modest in the face of the many vested interests riding on the back of the French welfare gravy train.

<i>With rising unemployment and business profit margins at a historic low, together with worrying public finances, French President Francois Hollande had to change his policy. He announced both a reduction in public spending and a ‘responsibility pact’ for businesses - in which they would benefit from reduced social contributions and simpler regulation in exc...

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Dr. Emmanuel Martin
Serious reform requires a clear understanding of how power works within local government and strategies to deal with the vested interests
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