A Year of Reckoning for France and Europe
France’s economic performance has been lackluster during the past ten years, particularly with respect to competitiveness, debt sustainability, public spending, and the labor market. But the government has vowed to make significant progress in each of these areas over the next five years – beginning in 2013.
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PARIS – France is at a crossroads. It has numerous valuable assets, but it cannot postpone long-overdue reforms, or else it will become increasingly irrelevant in a fiercely competitive global economy. This is the economic challenge that President François Hollande, Prime Minister Jean-Marc Ayrault, and all of us in the French government must confront.