| Author (Corporate) | France24 |
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| Series Title | France24 |
| Series Details | 29.05.13 |
| Publication Date | 29/05/2013 |
| Content Type | News |
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On 29 May 2013 the European Commission adopted its annual set of economic policy recommendations to EU Member States. The recommendations were based on a detailed assessment of the economic, employment and budgetary situation in each country and on the policy plans they had submitted to the European Commission. In the case of France, the Commission increased the rising pressure on President François Hollande to take bold action to revive the French econom, calling for new pension and labour market reforms. The Commission’s list of recommendations for Paris, which it expects to be delivered in return for allowing France two extra years to meet its budget deficit targets, covered all the hard issues the socialist government faced: cutting public spending; restoring badly diminished competitiveness, opening up restricted markets, reforming the tax regime and loosening tight labour market regulations. It came on the day that the OECD issued a similar call for accelerated reforms, warning of 'significant downside risks' for the already stalled economy if action were delayed. The Bank of France also weighed in calling for a 'profound change in public policy'. The French government’s response was clear to all these exhortations: it insisted it was serious about reform, but would do so at its own pace. President Hollande also said 'the Commission cannot dictate what we should do'. |
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| Source Link | Link to Main Source http://www.france24.com/en/20130529-eu-commission-tough-demands-french-economic-reform-spending |
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| Countries / Regions | France |
