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Figures show that France and the eurozone are technically out of recession. But analysis reveals that growth in France is very fragile and the government is required to carry out reforms if the economy is to recover fully. Delaying or abandoning a reform programme could lead to further deterioration in both French finances and the economy.
Dr. Emmanuel Martin
French President Francois Hollande’s austerity policy is increasing taxes and stifling the French economy. More than three million people are unemployed and the government has had to ask Brussels for another year to meet its minimum deficit target. France has a major role in the EU project, so reform is vital for both the national and European interests.
Francois Hollande’s popularity is in free fall after just five months since he was elected President of France. The president’s budget is aimed at economic recovery and meeting new deficit targets agreed with the European Union. But will his programme for a higher tax regime make the savings he needs or will it create a longer recession?
After the electoral speeches now is the time for reality in France. The Cour des Comptes (France’s audit office) has published a report warning of the alarming state of France’s public finances. Prime Minister Jean-Marc Ayrault has urged the French to rally behind a ‘crushing’ debt burden after the state audit warned of a 43 billion euro budget hole. The country is...