Is France falling behind?
Lacking competitiveness, a stalling economy, high unemployment: many commentators see France as one of Europe's biggest problem children and stress the need for structural reforms.
Le Monde - France | Friday, 10. May 2013
French President François Hollande announced last week that he would soon reshuffle his cabinet and present an investment plan for the coming ten years. Like his predecessor, Hollande is upping the pressure on his governing team, Françoise Fressoz writes in her blog for the left-liberal daily Le Monde: » more
French President François Hollande announced last week that he would soon reshuffle his cabinet and present an investment plan for the coming ten years. Like his predecessor, Hollande is upping the pressure on his governing team, Françoise Fressoz writes in her blog for the left-liberal daily Le Monde: "François Hollande has chosen between two evils: actionism over a standstill. Just like Nicolas Sarkozy, from whom he was determined to distinguish himself. ... Hollande's intentions are praiseworthy, but the effect of his announcements is weakened by the unconvincing results of his predecessor. Three years after its start, Sarkozy's grand loan has still not stimulated growth, and the public debt continues to rise. To finance future investments, the state has just one option: it must sell its family jewels, that is shares in public companies. The emperor goes on giving orders, but he's just about naked."
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Ouest-France - France | Tuesday, 9. April 2013
French Prime Minister Jean-Marc Ayrault announced on Monday that in reaction to the fraud scandal triggered by ex-budget minister Jérôme Cahuzac, the financial circumstances of all members of government will be made public. This won't be enough to get the country out of its present crisis, the regional newspaper Ouest-France points out: » more
French Prime Minister Jean-Marc Ayrault announced on Monday that in reaction to the fraud scandal triggered by ex-budget minister Jérôme Cahuzac, the financial circumstances of all members of government will be made public. This won't be enough to get the country out of its present crisis, the regional newspaper Ouest-France points out: "Eleven months after François Hollande's election victory the country is in a jittery state that requires a return to high moral standards. … Certainly the French want an initiative that results in clean politics. But they also want improvements in their everyday lives. … And the way Brussels and the international creditors see it, Hollande won't get very far with a moral offensive. Nor will it help him to blame others for what has gone wrong while he waits for growth to get the country back on its feet. He can only save himself by acting like the boss - as he did in Mali: resolute, quick to respond and far-sighted."
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Les Echos - France | Friday, 5. April 2013
The tax fraud affair involving former budget minister Jérôme Cahuzac could bring France's entire development to a halt, the liberal daily Les Echos fears: » more
The tax fraud affair involving former budget minister Jérôme Cahuzac could bring France's entire development to a halt, the liberal daily Les Echos fears: "This is now not so much about 'Who knew what when?' The main concern is much more that the current destructive climate could wreak havoc on the trust that is so necessary for recovery. The Left would have to be very naive indeed to think that forming a new government could heal the wounds. The [conservative] UMP, in turn, would have to be cynical or completely dumb to believe that the traditional Right will come off unscathed. ... The other danger is that this drama will help those who believe it's time to renounce all efforts to raise competitiveness."
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Le Figaro - France | Tuesday, 2. April 2013
Ever since the French Minister of Industrial Renewal Arnaud Montebourg promoted products "made in France" in a blue and white striped sailor shirt at the end of 2012, there has been a lively debate over how France can remain attractive as an economic location. Cécile Philippe, president of the liberal think tank Institut économic Molinari, accuses the government of incompetence in the conservative daily Le Figaro: » more
Ever since the French Minister of Industrial Renewal Arnaud Montebourg promoted products "made in France" in a blue and white striped sailor shirt at the end of 2012, there has been a lively debate over how France can remain attractive as an economic location. Cécile Philippe, president of the liberal think tank Institut économic Molinari, accuses the government of incompetence in the conservative daily Le Figaro: "It must be said that the current prospects are very bad. The companies are constantly putting forward restructuring plans and closing one plant after the next. The steady rise in unemployment figures that we've seen in recent months has accentuated the fears of a large wave of deindustrialisation. Faced with this situation, the politicians believed it would be enough to slip on a sailor shirt and tout the merits of French competence to ease people's minds. Unfortunately that's anything but the case. ... The growing number of countries relocating abroad is a clear indication that French economic activity is slowing down. So it's high time to recreate a climate favourable to economic and social development in France."
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Le Figaro - France | Wednesday, 27. March 2013
France's unemployment level has risen to almost 3.2 million, just shy of the absolute record reached in 1997, it was announced on Tuesday. The country needs a radical shake-up, the conservative daily Le Figaro writes: » more
France's unemployment level has risen to almost 3.2 million, just shy of the absolute record reached in 1997, it was announced on Tuesday. The country needs a radical shake-up, the conservative daily Le Figaro writes: "Give or take a few thousand, France has never had so many jobless in its entire history. To put it bluntly: we are experiencing a veritable economic and social catastrophe. How about downsizing the swollen public sector that's bleeding the economy dry? How about no longer forcing entrepreneurs to leave the country because of high taxes? ... How about accepting the idea that any job - even an initially precarious one - is better than no job at all? Tomorrow François Hollande will address the people, and swear to them that he's doing all he can to reduce unemployment. To be truthful he'd also have to tell them that to accomplish that there's no choice but to turn everything upside down. But will he have the courage?"
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Les Echos - France | Tuesday, 12. March 2013
The economic situation in Europe's crisis countries is hardly improving, while Germany's economy is performing better than it has done in years. The liberal business paper Les Echos suggests tongue in cheek that Germany should become more like France, so as to narrow the gap between the two countries: » more
The economic situation in Europe's crisis countries is hardly improving, while Germany's economy is performing better than it has done in years. The liberal business paper Les Echos suggests tongue in cheek that Germany should become more like France, so as to narrow the gap between the two countries: "The key elements of the cure: immediate adoption of a 35-hour week at full salary, a higher minimum wage, strict taxation of businesses and other economic players, a lowering of the retirement age to 62, a doubling of administrative procedures, the number of bureaucrats and especially of teachers, among other measures. ... On closer examination, the average German only stands to gain in terms of employment and buying power from such changes, which would then pay off when election time rolls around. Any expert will tell you that in this way the principal discrepancies between the German economy and those of its partners can be eliminated. But even if Germany submitted itself to this 'French cure', vigilance is called for. At any moment it could once more be overcome by the demons of collective success."
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Le Figaro - France | Wednesday, 6. March 2013
The French unions CFE-CGC and FO Renault agreed on Wednesday on a plan for restructuring the Renault Group. The conservative daily Le Figaro sees hope for the French car industry: » more
The French unions CFE-CGC and FO Renault agreed on Wednesday on a plan for restructuring the Renault Group. The conservative daily Le Figaro sees hope for the French car industry: "To secure the future of the French plants, Renault has promised to raise production and not to close any factories. In exchange, the workers accepted to an increase in their working hours and a wage freeze. This agreement shows that constructive social dialogue is possible within a struggling society. ... Above all, it shows that it's possible to drastically reduce the cost of labour to enable the plants to become competitive once more, and even to envisage a rise in French production. For the automotive industry, that may well mark a turning point."
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Ouest-France - France | Monday, 4. March 2013
Unemployment has risen steadily in France over the last two years, and currently stands at 10.5 percent. For the regional paper Ouest France, the problem is the lacking willingness to reform: » more
Unemployment has risen steadily in France over the last two years, and currently stands at 10.5 percent. For the regional paper Ouest France, the problem is the lacking willingness to reform: "The crisis will force France to shift gears to tackle the problem, while gloomy scenarios are being painted in Brussels regarding the country's future. ... But for starters let's tackle the major problems ourselves. Because with almost 3.2 million category A unemployed [those with no other source of income], we are on the verge of exceeding the absolute record of January 1997. Why? Because although it has many trumps up its sleeve, France has failed to carry out thoroughgoing reforms. Because it has done nothing to counter the de-industrialisation of the last 30 years. Because the governments were short-sighted in believing too often that consumption alone could revive the economy."
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Dziennik Gazeta Prawna - Poland | Monday, 25. February 2013
Several large French companies are currently deeply in the red. Carmaker PSA Peugeot Citroën suffered losses of five billion euros in 2012, while food producer Danone has announced it will cut 900 jobs. The subsidy policy of the French government is to blame, the conservative daily Dziennik Gazeta Prawna writes: » more
Several large French companies are currently deeply in the red. Carmaker PSA Peugeot Citroën suffered losses of five billion euros in 2012, while food producer Danone has announced it will cut 900 jobs. The subsidy policy of the French government is to blame, the conservative daily Dziennik Gazeta Prawna writes: "After such a series of fatal results, one can no longer speak of individual management mistakes. These are systemic problems. ... Now the mistakes France made during the EU eastern enlargement are coming back to haunt it. Back then the German companies understood that they wouldn't be competitive to the east of the Oder River. ... The salary difference is simply too great. For that reason they shifted their production to the east in a big way. In France the opposite was the case. The conservative president Nicolas Sarkozy promised state loans to big companies if they refrained from slashing their production at home. Now it will be difficult to redress the situation, because France has already missed that boat."
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Les Echos - France | Thursday, 21. February 2013
A letter by Maurice Taylor, CEO of the US tire producer Titan, to the French government has sparked a wave of outrage in France. In it Taylor is highly critical of the "so called workers" in the French Goodyear plant whose jobs Paris had asked him to help save. The liberal business paper Les Echos, which published the letter, is not amused by Taylor's comments: » more
A letter by Maurice Taylor, CEO of the US tire producer Titan, to the French government has sparked a wave of outrage in France. In it Taylor is highly critical of the "so called workers" in the French Goodyear plant whose jobs Paris had asked him to help save. The liberal business paper Les Echos, which published the letter, is not amused by Taylor's comments: "We don't need him to realise that we have a competitiveness problem. We don't need him to see that the social dialogue is ineffective and that the judgements of the courts are often hostile to business. And another point on which he's wrong: it is in fact possible to be French and world leader. Michelin, which is worth ten times more than Titan on the stock markets and is infinitely more profitable, furnishes ample proof of that. ... Above and beyond the stereotypes, it is clear that France's image as a business nation has deteriorated considerably. ... And it's not with the mentality of a Gaulish village that we will win the globalism race."
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Les Dernières Nouvelles d'Alsace - France | Wednesday, 20. February 2013
French President François Hollande visited Greece on Tuesday. But unlike the visit by German Chancellor Angela Merkel last year, the event failed to attract much attention from the Greek public. That's above all because all he could bring was pretty words, the regional daily Les Dernières Nouvelles d'Alsace comments: » more
French President François Hollande visited Greece on Tuesday. But unlike the visit by German Chancellor Angela Merkel last year, the event failed to attract much attention from the Greek public. That's above all because all he could bring was pretty words, the regional daily Les Dernières Nouvelles d'Alsace comments: "As a mediocre student of the European economics class, France is not really qualified to coach Greece. In addition, Paris has some curious similarities with Athens. For example the inability to reform an extremely free-spending state. In Greece, this comes from the fear of attacking the generalised corruption, the Church and the shipping companies head-on. In France, by contrast, it's due to a paralysis in face of the many committees that are as wasteful as they are futile, the useless golden sinecures for both left- and right-wing courtesans, and the numerous public representatives at the national, regional, departmental or municipal level with cushy, well-paid jobs."
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Corriere della Sera - Italy | Thursday, 14. February 2013
French Prime Minister Jean-Marc Ayrault announced on Wednesday that the country's new indebtedness will exceed three percent of the GDP, the budget deficit limit stipulated in the Stability Pact. In a letter to the Ecofin Council, EU Economic and Monetary Affairs Commissioner Olli Rehn indirectly backs France's position, the liberal-conservative daily Corriere della Sera writes: » more
French Prime Minister Jean-Marc Ayrault announced on Wednesday that the country's new indebtedness will exceed three percent of the GDP, the budget deficit limit stipulated in the Stability Pact. In a letter to the Ecofin Council, EU Economic and Monetary Affairs Commissioner Olli Rehn indirectly backs France's position, the liberal-conservative daily Corriere della Sera writes: "The Greek crisis seems to have been averted for now. But what applied for Greece (or still applies) potentially applies for all EU states with high deficits: if their growth is suffering too much as a result of the crisis, Brussels can show a certain leniency when it comes to observing the rules. EU currency commissioner Olli Rehn says as much in his letter. An unprecedented concession. ... Rehn doesn't mention any names, but the first on the list is France. And it can't be ruled out that sooner or later Italy will also ask for leniency. So the Stability Pact seems to be turning into a kind of accordion once more. And the rules are being stretched to suit everyone's needs."
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Tages-Anzeiger - Switzerland | Wednesday, 13. February 2013
The French National Assembly's approval for same-sex marriage and adoption rights for gays is a landmark victory for the Hollande government even if the next major challenges are just around the corner, the daily Tages-Anzeiger writes: » more
The French National Assembly's approval for same-sex marriage and adoption rights for gays is a landmark victory for the Hollande government even if the next major challenges are just around the corner, the daily Tages-Anzeiger writes: "François Hollande has set the tone - in form and in content. ... Naturally he owes his new image above all to the surprisingly resolute military intervention in Mali, which has earned him pats on the back from his foreign allies. The public's perception of the president has changed swiftly; his ratings are going up. But as a political turning point the right to marriage and adoption for homosexual couples is probably more significant. It will be interesting to see how he deals with the pressure he will soon face from circles that should really be well-disposed towards him: angry teachers, disappointed factory workers from the ailing automotive industry, worried pensioners. He has yet to face a true test in social or economic policy."
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Le Figaro - France | Monday, 11. February 2013
French unions are demanding that President François Hollande fulfil his electoral promises and prevent announced factory closures. But it would be better to admit that they were lies and adopt a realistic approach instead, the conservative daily Le Figaro demands: » more
French unions are demanding that President François Hollande fulfil his electoral promises and prevent announced factory closures. But it would be better to admit that they were lies and adopt a realistic approach instead, the conservative daily Le Figaro demands: "The head of state must change, take the bull by the horns and pay the price of his electoral campaign. ... He must explain to his dwindling number of friends that globalisation is forcing France to change from the bottom up. Its exemplary social model? It hasn't been exemplary for years, and is now sinking into the abyss and dragging everything with it. Products that are 'Made in France' are outstanding? They were in the past. France is wealthy and tomorrow will be even better? No one believes that any more. It makes no difference that François Hollande led some - socialist and others - to believe the contrary last year. In view of the facts, the president must forget the candidate he once was. He must admit he was wrong and act now."
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Le Monde - France | Monday, 21. January 2013
Both at home and abroad the French economy has repeatedly been the subject of negative headlines, most recently with the closure of the Goodyear plant in Amiens. But in fact France is performing quite well, writes economist Philippe Askenazy, research director at the National Centre for Scientific Research, in the left-liberal daily Le Monde: » more
Both at home and abroad the French economy has repeatedly been the subject of negative headlines, most recently with the closure of the Goodyear plant in Amiens. But in fact France is performing quite well, writes economist Philippe Askenazy, research director at the National Centre for Scientific Research, in the left-liberal daily Le Monde: "France has one of the most flexible job markets. It has introduced contract termination by mutual assent. ... Around 1.8 million job contracts and just as many terminations are signed each month. We never stop hearing about record unemployment. But in fact the level is remarkably low. The jobless rate is lower than it was in 1997, and at the same level as it was at the start of 1999 after five years of growth. So the satisfaction of seeing the French public debt financed and re-financed at historically low levels is just the tip of the iceberg of a France that is entirely solid in the European macro-economic context. Of course, not everything's perfect. But hope is justified provided Europe manages to free itself from the straitjacket of austerity."
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Le Figaro - France | Wednesday, 6. February 2013
After François Hollande, France's Finance Minister Pierre Moscovici has stirred up debate over an active exchange rate policy, warning on Wednesday that a strong euro would hinder France's economic growth in the long term. But France should blame itself and not the common currency for its slow growth, the conservative daily Le Figaro writes: » more
After François Hollande, France's Finance Minister Pierre Moscovici has stirred up debate over an active exchange rate policy, warning on Wednesday that a strong euro would hinder France's economic growth in the long term. But France should blame itself and not the common currency for its slow growth, the conservative daily Le Figaro writes: "The problem also lies with France's inability to reduce its public spending. And with its crazy urge to burden its citizens and companies with taxes, dissuading them from consuming, investing and taking risks. How can we seriously hope for a return to growth when we've passed a budget that foresees 20 billion euros in tax revenues? ... France is right to alert its partners to the dangers of a strong euro. But to be heard, it must first set a good example itself."
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Le Figaro - France | Friday, 1. February 2013
The US tire producer Goodyear has announced that it will close its plant and axe roughly 1,200 jobs in the northern French city of Amiens. The location has been in danger of a shut-down for the last five years. The conservative daily Le Figaro accuses the unions of sealing the fate of the plant with their unbending attitude: » more
The US tire producer Goodyear has announced that it will close its plant and axe roughly 1,200 jobs in the northern French city of Amiens. The location has been in danger of a shut-down for the last five years. The conservative daily Le Figaro accuses the unions of sealing the fate of the plant with their unbending attitude: "The planned closure of the Goodyear plant will go down as a lesson in the painful history of French industry. ... Why? Because it sums up the very worst that can be accomplished by radical labour unionism that hides behind a class struggle from bygone times. Because in resisting any form of reorganisation or voluntary social plan and in systematically sabotaging the possibility of a takeover, the [second biggest French union] CGT signed the factory's death warrant. ... Evidently the renewal of social dialogue and the modernisation of our industry will have to be carried on without it. And even against it."
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Savon Sanomat - Finland | Wednesday, 23. January 2013
The MPs of the German and French parliaments came together for a joint session in the German Bundestag on Tuesday to mark the 50th anniversary of the Elysée Treaty. But the celebrations couldn't conceal the differences between France and Germany, the liberal daily Savon Sanomat notes, and hopes that for Europe's sake the two countries will work more as a team in future: » more
The MPs of the German and French parliaments came together for a joint session in the German Bundestag on Tuesday to mark the 50th anniversary of the Elysée Treaty. But the celebrations couldn't conceal the differences between France and Germany, the liberal daily Savon Sanomat notes, and hopes that for Europe's sake the two countries will work more as a team in future: "All Europe has benefited economically and culturally from the transformation of Germany and France from arch-enemies into long-standing friends. In economic terms Germany has clearly surpassed France, but this has not destroyed the friendship. … Despite the celebratory mood many have nonetheless pointed out that the love between the two giants is showing unnecessary cracks. German Chancellor Angela Merkel and French President François Hollande have taken different paths in facing the EU's economic problems, but in the end the Frenchman always gives into the German. How much longer can this go on? Hopefully not all too long, because if the powerful duo doesn't stick together in the long term, the EU will soon start to drift off course."
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Gazeta Wyborcza - Poland | Monday, 7. January 2013
France raised almost eight billion euros of fresh capital on Thursday at record low interest rates. But in the long term Europe's second-largest economy is sinking deeper and deeper into crisis because its economy is largely controlled by the state, Michal Valentik, an analyst at the international investment company Generali PPF Invest warns in a commentary for the liberal daily Gazeta Wyborcza: » more
France raised almost eight billion euros of fresh capital on Thursday at record low interest rates. But in the long term Europe's second-largest economy is sinking deeper and deeper into crisis because its economy is largely controlled by the state, Michal Valentik, an analyst at the international investment company Generali PPF Invest warns in a commentary for the liberal daily Gazeta Wyborcza: "In the last decades the French economy has developed from a market economy to a mixed economy. ... In the past 30 years it has become less competitive in practically all sectors of the economy. Investment capital has stopped entering the country. Technological development is at a very low level and the word innovation has disappeared from people's lips. Strict regulations, excessive bureaucracy, state controls and government dictates could mean that France may well prove unable to maintain its current level. It's just a matter of time before France only plays third fiddle in Europe. Both S&P and Moody's lowered their credit ratings for the country last year."
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Le Figaro - France | Friday, 4. January 2013
President Putin has granted Gérard Depardieu Russian citizenship by decree, because the French actor doesn't want to pay the wealth tax in France. The conservative daily Le Figaro is concerned: » more
President Putin has granted Gérard Depardieu Russian citizenship by decree, because the French actor doesn't want to pay the wealth tax in France. The conservative daily Le Figaro is concerned: "Let's forget about cinema. This 75 percent tax is an economic, political and diplomatic fiasco. Economic, because many French people who succeed as a result of their talent and their work and who are the motor of our economy now want nothing more than to get up and go. A Chinese proverb says, when you slim down the rich you starve the poor. Political, because this conflict has reignited the class struggle and is even dividing the Left. ... Diplomatic, because Putin's disrespectful bravado is not the first nose-thumbing directed at France. And while Angela Merkel remains polite - although she agrees with Putin - David Cameron is rolling out the red carpet for all our compatriots ready to cross the English Channel, and the Belgian government is rubbing its hands. Enough is enough!"
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Le Quotidien - Luxembourg | Wednesday, 19. December 2012
As commendable as French President François Hollande's efforts to save the Arcelor Mittal steelworks in Florange in the Lorraine region are, France can only reverse its deindustrialisation in conjunction with its European partners, the left-liberal daily Le Quotidien contends: » more
As commendable as French President François Hollande's efforts to save the Arcelor Mittal steelworks in Florange in the Lorraine region are, France can only reverse its deindustrialisation in conjunction with its European partners, the left-liberal daily Le Quotidien contends: "You can't hold the young French government's desire to stop deindustrialisation against it. ... France has dominated the front pages with the Florange story. Nevertheless, deindustrialisation has become a problem in all of Europe in the past months. Here again, the European economic union has failed, because only a European plan for industrial revival based on purely economic criteria can stop or even reverse the trend. Yet again, however, economic priorities have been blocked for political reasons."
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L'Est Républicain - France | Wednesday, 12. December 2012
Like many wealthy French citizens before him, the actor Gérard Depardieu has decided to flee the rich tax by moving to Belgium. It was announced on Friday that he had purchased a house in the town of Néchin. France should focus on saving its entrepreneurial spirit rather than making a big fuss about prominent tax dodgers, the conservative daily L'Est Républicain writes: » more
Like many wealthy French citizens before him, the actor Gérard Depardieu has decided to flee the rich tax by moving to Belgium. It was announced on Friday that he had purchased a house in the town of Néchin. France should focus on saving its entrepreneurial spirit rather than making a big fuss about prominent tax dodgers, the conservative daily L'Est Républicain writes: "Our beloved 'Gégé', whom an entire generation of post 'Nouvelle Vague' directors have made into a star and who has degenerated into a caricature of himself, has the money virus. … Obélix is being naughty and stuffing his pockets with money. Naturally the publishing of the salaries of the managers of the [French benchmark stock market index] CAC 40, which have risen by four percent to an average of 4.2 million euros, fits in nicely with this image. A Socialist MP now wants to withdraw the tax dodgers' citizenship. Pure demagogy. There are far more urgent problems. Many of our citizens have less and less money and fewer and fewer potential bosses are daring to embark on the adventure of starting up a business that creates wealth. The entrepreneurial spirit has not emigrated. It is dying out."
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Le Figaro - France | Wednesday, 5. December 2012
The French government reached an agreement on Friday with the steel company Arcelor Mittal on an investment plan aimed at maintaining roughly 600 jobs at the blast furnaces at its plant in the town of Florange in Lorraine. The conservative daily Le Figaro criticises the contradictory attitude of the government under Prime Minister Jean-Marc Ayrault: » more
The French government reached an agreement on Friday with the steel company Arcelor Mittal on an investment plan aimed at maintaining roughly 600 jobs at the blast furnaces at its plant in the town of Florange in Lorraine. The conservative daily Le Figaro criticises the contradictory attitude of the government under Prime Minister Jean-Marc Ayrault: "He has finally admitted what he's been denying: that certain economic facts cannot be ignored and that if Mittal had been able to make Florange profitable it would have done so. Above all the catastrophic and contradictory crisis management will be remembered, which was marked by short-term measures. If Mittal cannot be trusted, as several ministers say, why did Jean-Marc Ayrault sign an agreement with it in the first place? ... Has a nationalisation definitely been avoided, as the head of government has announced, or is it still being planned, as François Hollande says?"
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Le Figaro - France | Tuesday, 27. November 2012
Since France introduced a top tax rate of 75 percent at the end of October a growing number of wealthy French citizens are leaving the country. France needs its economic elite, the conservative daily Le Figaro warns: » more
Since France introduced a top tax rate of 75 percent at the end of October a growing number of wealthy French citizens are leaving the country. France needs its economic elite, the conservative daily Le Figaro warns: "The richest French citizens are not just taxpayers and consumers. They are often also prudent investors. They invest their money in the shares of French firms and take risks and support young entrepreneurs who create jobs, register patents and enable the country to defend France's position in the global economic competition. This entire positive cycle is being put at risk by the Socialists' tax reform. … For this reason it is just as stupid to now close one's eyes to the mass tax exodus as it was to introduce the measures that triggered it in the first place. To strive for a country without rich people is to create a country of poor people. And these people will get poorer and poorer with each day that passes."
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La Stampa - Italy | Wednesday, 21. November 2012
The financial markets barely reacted on Tuesday to France's downgrading by rating agency Moody's. France is not Italy, after all, the liberal daily La Stampa points out: » more
The financial markets barely reacted on Tuesday to France's downgrading by rating agency Moody's. France is not Italy, after all, the liberal daily La Stampa points out: "Why is it that France can be brutally downgraded without any repercussions? Because France has something Italy lacks: grandeur. It is firmly convinced of its own importance. … And why are the risk premiums on French bonds far lower than those on Italian bonds? Because the French economy is perceived as closely bound up with the German economy. Paris and Berlin are the heart of Europe, no matter who governs them. It is inconceivable that Germany would stay afloat if France went down. And no matter how contentious its political measures - be it those of the current government or those of the previous one - France as a country remains reliable. The state (abnormal yet efficient) and the political system guarantee both: change and stability."
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Il Sole 24 Ore - Italy | Tuesday, 20. November 2012
France's downgrading is a major setback for François Hollande, who however has at least tried to introduce reforms, albeit cautiously, the liberal-conservative Il Sole 24 Ore points out: » more
France's downgrading is a major setback for François Hollande, who however has at least tried to introduce reforms, albeit cautiously, the liberal-conservative Il Sole 24 Ore points out: "The government of the Socialist President François Hollande has tried to find the right path. ... It has passed 30 billion euros in budget discharges for 2013 to avoid exceeding the three-percent deficit limit. Two-thirds of the these consist of new taxes, half of which are to be paid by businesses. But government spending and the tax burden still stand at 57 percent and 46 percent of GDP, respectively, a record figure in Europe. Finally Hollande and his government grasped the seriousness of the situation and two weeks ago announced 20 billion euros in tax relief for companies. However it can't be taken for granted that this will be enough to boost the economy. ... For Moody's, the uncertainty may be too great. But we can't say for sure yet that the downgrading will influence the markets."
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All available articles from » Marco Moussanet
NRC Handelsblad - Netherlands | Tuesday, 20. November 2012
Rating agency Moody's explained on Monday that France had lost competitiveness owing among other things to its inflexible labour market and lacking investment in innovation. Finance Minister Pierre Muscovici stressed that the downgrading by Moody's does not put his country's fundamental economic data in question. France is closing its eyes to bitter reality, the liberal daily NRC Handelsblad notes: » more
Rating agency Moody's explained on Monday that France had lost competitiveness owing among other things to its inflexible labour market and lacking investment in innovation. Finance Minister Pierre Muscovici stressed that the downgrading by Moody's does not put his country's fundamental economic data in question. France is closing its eyes to bitter reality, the liberal daily NRC Handelsblad notes: "It simply doesn't get through to the French public that France could become the Eurozone's biggest problem country. ... This is precisely the problem: there is a lack of understanding that reforms really are necessary. Hollande is grappling with the consequences of decades of omitted restructuring measures. France has been running a budget deficit since the 1980s, unemployment has been almost constantly above 10 percent and the country's competitiveness has shrunk. Hollande is attempting to tackle these problems. ... We can expect, and even demand, that he succeeds."
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Le Monde - France | Tuesday, 20. November 2012
Former president Nicolas Sarkozy is to blame for the downgrading of France by the rating agency Moody's, financial advisor Georges Ugeux writes in his blog Démystifier la finance for the left-liberal daily Le Monde: » more
Former president Nicolas Sarkozy is to blame for the downgrading of France by the rating agency Moody's, financial advisor Georges Ugeux writes in his blog Démystifier la finance for the left-liberal daily Le Monde: "Is France a danger for the Eurozone? The question is justified. To a certain extent this concern does our country honour, testifying as it does to the central role it plays. ... But this honour goes hand in hand with responsibilities that France has not always lived up to. The lack of seriousness with which Nicolas Sarkozy's government handled France's public finances compromised our country's credibility. And that's why we lost our AAA rating. ... In the Eurozone's sovereign debt crisis, France has promoted austerity yet practiced irresponsibility. Now this relationship must be reversed. France must, and can, put its public finances back in order, and the efforts of the current government have exactly this objective in mind."
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All available articles from » Georges Ugeux
i - Portugal | Friday, 16. November 2012
Soon France and Germany, too, will find themselves in the dark valley of recession, and then it won't be long before all Europe falls apart, the liberal daily i predicts: » more
Soon France and Germany, too, will find themselves in the dark valley of recession, and then it won't be long before all Europe falls apart, the liberal daily i predicts: "Perhaps the figures published by Eurostat yesterday will finally quash the optimism of the naive who still believe in the wisdom of current EU policy. ... The Eurozone has officially slid into a recession. One reason for this is the negative performance of its erstwhile fourth- and third-largest economies, Spain and Italy. Then there's the contribution of a country that likes to describe the South as lazy: Holland. In the first quarter of 2013 Germany and France will join the general depression. No longer is only the South affected - the entire EU motor has been hit with full force. Europe is history as a region of economic success and prosperity. Soon the day will come when it has to declare bankruptcy and divide the leftovers among its members, who will blame each other for the pitiful state of affairs. The dysfunctional euro has become useless. ... Keeping it will mean that soon the whole bubble will burst."
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All available articles from » Ana Sá Lopes
The Economist - United Kingdom | Thursday, 15. November 2012
Although France's economy unexpectedly grew by 0.2 percent in the last quarter, the liberal business magazine The Economist expresses concern about the country, where President François Hollande is refusing to engage in a debate over Europe: » more
Although France's economy unexpectedly grew by 0.2 percent in the last quarter, the liberal business magazine The Economist expresses concern about the country, where President François Hollande is refusing to engage in a debate over Europe: "At stake is not just the future of France, but that of the euro. Mr Hollande has correctly badgered Angela Merkel for pushing austerity too hard. But he has hidden behind his napkin when it comes to the political integration needed to solve the euro crisis. There has to be greater European-level control over national economic policies. France has reluctantly ratified the recent fiscal compact, which gives Brussels extra budgetary powers. But neither the elite nor the voters are yet prepared to transfer more sovereignty, just as they are unprepared for deep structural reforms. While most countries discuss how much sovereignty they will have to give up, France is resolutely avoiding any debate on the future of Europe."
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Le Figaro - France | Wednesday, 14. November 2012
France's President François Hollande has sunk faster in the polls than any president before him. In a speech on Tuesday, six months after he took office, he addressed the serious situation in the country, promising measures to counter unemployment and stimulate growth. For the conservative daily Le Figaro Hollande is not going far enough: » more
France's President François Hollande has sunk faster in the polls than any president before him. In a speech on Tuesday, six months after he took office, he addressed the serious situation in the country, promising measures to counter unemployment and stimulate growth. For the conservative daily Le Figaro Hollande is not going far enough: "The president is doing what the candidate promised, and anyone who says he isn't is a liar. The argument is clear, but it does fail on one point. If the president is true to the candidate, why has he lost more than 20 points in the popularity ratings in less than 200 days? There has been no turn-around in his policy, he claims. That may be, nevertheless one can safely say that the start of his term was marked by a series of zigzags. The best thing now for the head of state is to cut to the quick and call a spade a spade. Now is the time to talk of rigour, effort, sacrifice and reforms. ... Does that mean spreading fear among his own camp? It certainly does, but there's no other option and France can't wait any longer."
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All available articles from » Paul-Henri du Limbert
Les Echos - France | Monday, 12. November 2012
According to Reuters news agency, German Finance Minister Wolfgang Schäuble has proposed that the German Council of Economic Experts, or "Wise Men", look into reform proposals for France. Germany has good cause to worry about the French economy, the liberal business paper Les Echos writes: » more
According to Reuters news agency, German Finance Minister Wolfgang Schäuble has proposed that the German Council of Economic Experts, or "Wise Men", look into reform proposals for France. Germany has good cause to worry about the French economy, the liberal business paper Les Echos writes: "The first reaction is of course one of irritation: it is both cheeky and exasperating that the Germans want to lecture us on how to reform France. ... Germany is worried about the state of our economy, its stagnation in the last three trimesters, its deficits and, above all, its difficulties in reversing the trend. And it is right to worry. The Germans have long understood that what we are calling a 'crisis' is a profound historic turning point, and they have done what was necessary to face up to it. ... In fact, we don't need the Germans to know that the Gallois report and the government initiative that followed it are first steps in the right direction, but they are no more than first steps. It's not enough to reach a turning point, we must also step on the accelerator."
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All available articles from » Dominique Seux
Frankfurter Allgemeine Zeitung - Germany | Wednesday, 7. November 2012
France's Prime Minister Jean-Marc Ayrault announced tax relief for businesses to the tune of 20 billion on Tuesday, in a bid to revive the economy. The conservative daily Frankfurter Allgemeine Zeitung finds the measure inadequate, and decries the lack of a clearly defined taxation policy: » more
France's Prime Minister Jean-Marc Ayrault announced tax relief for businesses to the tune of 20 billion on Tuesday, in a bid to revive the economy. The conservative daily Frankfurter Allgemeine Zeitung finds the measure inadequate, and decries the lack of a clearly defined taxation policy: "Only in September [Hollande's] government decided to raise business tax by 10 billion euros. Before that it had repealed the cuts in social security payments and the rise in VAT pushed through by his predecessor Sarkozy. Now Hollande also wants to increase VAT - to compensate for the relief to companies. This zigzag course does have a long tradition in France, for example there have been 68 amendments to business tax in the last 35 years. Nevertheless the current policy is heading in the right direction, particularly because government spending should decrease by more than hitherto planned. ... In a word, this is not the shock therapy called for by former manager Louis Gallois, but a partial correction of certain mistakes."
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Público - Portugal | Wednesday, 7. November 2012
French Prime Minister Jean-Marc Ayrault on Tuesday announced that businesses would receive around 20 billion euros in tax credits. The liberal daily Público is impressed to see the second-largest economy in Europe giving up its austerity drive, which according to the newspaper has all Europe trapped in a vicious circle of recession: » more
French Prime Minister Jean-Marc Ayrault on Tuesday announced that businesses would receive around 20 billion euros in tax credits. The liberal daily Público is impressed to see the second-largest economy in Europe giving up its austerity drive, which according to the newspaper has all Europe trapped in a vicious circle of recession: "Shortly after his election the socialist Hollande was forced to give up his campaign rhetoric and replace it with austerity. Half a year later his government is announcing a plan to boost the economy. However many of the recommendations made by the expert Gallois, like cutting social contributions for employers and employees or liberalising the labour market, have been ignored. ... Time will tell whether this will allow Paris to find a way out of the austerity policy trap or whether it will land France in a situation as bad as that in Italy."
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Les Echos - France | Tuesday, 6. November 2012
Nicolas Sarkozy's lowering of VAT for restaurants has led neither to price cuts nor to more jobs in the sector, member of the National Assembly Thomas Thévenoud concludes in a report he presented last week. Unfortunately such tax relief measures are irreversible, writes the business paper Les Echos: » more
Nicolas Sarkozy's lowering of VAT for restaurants has led neither to price cuts nor to more jobs in the sector, member of the National Assembly Thomas Thévenoud concludes in a report he presented last week. Unfortunately such tax relief measures are irreversible, writes the business paper Les Echos: "The report by Thomas Thévenoud shows with the aid of statistics that the lowering of the VAT in the restaurant sector has failed to have the desired effect. ... Nevertheless it is very unlikely that it will now be reversed, at least in the short term. ... Populist measures are the most difficult to reverse - as demonstrated by the countless tax loopholes. From the outset every favour is viewed as a right by those who benefit from it. ... And if such measures are revoked, it is considered both a scandalous injustice and a national catastrophe."
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Corriere del Ticino - Switzerland | Tuesday, 6. November 2012
Louis Gallois, former head of the aerospace and defence corporation EADS, on Monday presented a report on France's competitiveness in which he calls for the country to be given shock therapy to prevent it from lapsing into an enduring crisis. If François Hollande deviates from the austerity course all Europe will suffer, the liberal daily Corriere del Ticino warns: » more
Louis Gallois, former head of the aerospace and defence corporation EADS, on Monday presented a report on France's competitiveness in which he calls for the country to be given shock therapy to prevent it from lapsing into an enduring crisis. If François Hollande deviates from the austerity course all Europe will suffer, the liberal daily Corriere del Ticino warns: "The European crisis is far from over. ... Angela Merkel explained on Saturday that it will require at least five further years of stringent austerity. ... The next chapter of the crisis will no doubt be written in France. The prospects are dismal, but not worse than the experiences with the last socialist presidency. ... Hollande's policies can't be compared with Mitterrand's radical Jacobinical measures. ... If he doesn't manage to drastically reduce public spending, the EU will inevitably reach the end of the road in Paris."
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All available articles from » Giovanni Barone-Adesi
L'Est Républicain - France | Monday, 5. November 2012
Louis Gallois, the former head of the European aerospace and defence company EADS, will present his report on France's competitiveness today. Among other things the report is expected to deal with lowering anciliary labour costs and making the labour market more flexible. But it will have little impact, writes the regional paper L'Est Républicain: » more
Louis Gallois, the former head of the European aerospace and defence company EADS, will present his report on France's competitiveness today. Among other things the report is expected to deal with lowering anciliary labour costs and making the labour market more flexible. But it will have little impact, writes the regional paper L'Est Républicain: "Since the 18th century the government has never stopped commissioning reports which it then hurries to bury. A left-leaning business leader known for his pragmatism, Louis Gallois stands a good chance of seeing his name added to the long list of experts publicly executed for political reasons. This is all the more to be feared given that François Hollande's policies on competition are exceedingly opaque. But how, pray, can companies be relieved when the taxpayers are overburdened and debts are growing exponentially?"
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Libération - France | Tuesday, 30. October 2012
In the wake of protests the French government has revised its draft law on the 2013 budget after just one week, significantly reducing the planned tax hike for small enterprises. The government is losing all its credibility, economist Romain Rancière writes in the left-liberal daily Libération: » more
In the wake of protests the French government has revised its draft law on the 2013 budget after just one week, significantly reducing the planned tax hike for small enterprises. The government is losing all its credibility, economist Romain Rancière writes in the left-liberal daily Libération: "Throughout his campaign François Hollande made equal taxation of labour and capital a key part of his fiscal reform. ... Now, suddenly, in a few short days and even before the matter has been discussed in the National Assembly, the government has bid farewell to this principle. ... There are two explanations for this reversal. Either the government genuinely believed in its fiscal policy but had to give in faced with the peasant revolt on the part of entrepreneurs. ... Or it suddenly realised that it had no idea what it was doing. ... Either way its credibility on economic issues has suffered a terrible blow."
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Libération - France | Friday, 26. October 2012
In a bid to raise France's competitiveness, President François Hollande has announced a reform of business taxation. But amidst all the squabbling one must not lose sight of the true goal, the left-liberal daily Libération warns: » more
In a bid to raise France's competitiveness, President François Hollande has announced a reform of business taxation. But amidst all the squabbling one must not lose sight of the true goal, the left-liberal daily Libération warns: "The entire country, or at least its braying elites, want a 'competitiveness shock'. And a brutal, profound one at that! As painful as possible! As if, to make up for the injustice of taxing the rich, it were time to cudgel the poor and make them pay in turn. ... As usual, the experts are in disagreement, the conservative politicians are in a megalomaniac trance and those on the left are panic-stricken. In short, this is just the type of debate France adores. However we must not lose sight of the central point. What we must now do is rethink part of the French welfare state model and come up with a system of rights and duties that corresponds to 21st-century capitalism."
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All available articles from » Nicolas Demorand
Le Canard enchaîné - France | Wednesday, 24. October 2012
In view of the superhuman hurdles he faces, France's President François Hollande could use a few good tips from Lance Armstrong, the satirical weekly paper Le canard enchaîné gibes, remembering that the cycling star who has now lost his titles over doping charges once gave a bicycle to Hollande's predecessor Nicolas Sarkozy: » more
In view of the superhuman hurdles he faces, France's President François Hollande could use a few good tips from Lance Armstrong, the satirical weekly paper Le canard enchaîné gibes, remembering that the cycling star who has now lost his titles over doping charges once gave a bicycle to Hollande's predecessor Nicolas Sarkozy: "Even if you don't confuse ruling France with cycling the Tour, the two have more than one thing in common. You could say that keeping the deficit at three percent of GDP in 2013 without the slightest sign of growth is a little like climbing the alpine cols of Galibier, Izoard and Alpe d'Huez in the same day - impossible for a normal person. Even if he is president. Solving the problems in northern Mali 'in a couple of weeks' when the African troups equipped and trained by our forces will be operational in four months at the very earliest is akin to a superhuman time trial. Just like finding a compromise on labour costs between those who want to 'dope' competitiveness and those who, bearing in mind the rise in VAT and social security taxes, argue for a slow-down."
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All available articles from » Erik Emptaz
Le Monde - France | Tuesday, 16. October 2012
An end to the debt crisis is not in sight and Italy and France both need strict reform programmes, Italian jurist Alberto Saravalle writes in the left-liberal daily Le Monde: » more
An end to the debt crisis is not in sight and Italy and France both need strict reform programmes, Italian jurist Alberto Saravalle writes in the left-liberal daily Le Monde: "Italy and France have similar problems: they are far too heavily in debt, the public sector plays too great a role, government spending is too high, competitiveness is low and growth must urgently be stimulated. Accepted solution strategies are based on the mistaken belief that the right 'industrial policy' on the part of a strong state could revive growth. But such policies have failed to work both in Italy and in France. ... One can only hope that the hangover after the elections will soon dissipate and sobriety will once more set in. Dogmatic ideas and facile election promises must be abandoned so that a strict austerity programme can be introduced, with which government spending can be cut and growth promoted in the long term."
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Les Echos - France | Thursday, 4. October 2012
In addition to other tax hikes, the French government is also planning to double the capital gains tax in 2013. The move will weaken not only entrepreneurs but also the state budget, the liberal business paper Les Echos warns: » more
In addition to other tax hikes, the French government is also planning to double the capital gains tax in 2013. The move will weaken not only entrepreneurs but also the state budget, the liberal business paper Les Echos warns: "This overtaxation of capital gains isn't just one tax too many, it is also the explosive finale of a fiscal fireworks display that will stifle any desire to do business. ... As of today the only thing worth investing in in France are stones - what a dynamic prospect! ... Capital gains are the recompense for personal risk, a risk that not even a shareholder runs and that is shouldered despite the endless obstacles set up by the state. ... The worst thing, however, is that with this measure the government is not only weakening French entrepreneurs, but also its own fiscal basis. To believe that tax revenues will continue to flow in spite of the slowdown in capital gains is an utter illusion."
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Corriere della Sera - Italy | Monday, 1. October 2012
François Hollande doesn't want to reform France, he just wants to pinch pennies, the liberal-conservative daily Corriere della Sera writes with an eye to the draft budget for 2013 Hollande presented on Friday: » more
François Hollande doesn't want to reform France, he just wants to pinch pennies, the liberal-conservative daily Corriere della Sera writes with an eye to the draft budget for 2013 Hollande presented on Friday: "The measures merely aim to balance the budget, rather than to undertake thoroughgoing structural reforms. ... Ultimately the draft budget is just a blend of tax hikes and spending cuts, with the hope that growth will return sooner or later, after which incomes will once again become more equitable. Hollande is not asking the French to change their mentality or to forego their enviably long holidays and 35-hour working week. Much less is he asking them to model themselves on Germany. He's just hoping the French social model can ride out the storm."
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All available articles from » Massimo Nava
Le Figaro - France | Tuesday, 25. September 2012
Hollande has been in power for less than half a year, but his policies have already caused France to lose in grandeur, the conservative daily Le Figaro writes disparagingly: » more
Hollande has been in power for less than half a year, but his policies have already caused France to lose in grandeur, the conservative daily Le Figaro writes disparagingly: "Wanting to be above all 'normal', François Hollande is in the process of turning France into a 'normal' country, that is a second-class state that has given up all the attributes of power. If you take stock of our country's new diplomacy, the achievements are few and far between. ... Regarding Europe, which is certainly a priority if there is one, François Hollande has been unable to 'renegotiate' the fiscal compact as he had promised to do - even if that meant flying in the face of the most patent realities. The gap separating France and Germany only grows, and will soon be too glaring to be ignored. Our nay-saying country is the last to restructure its economy. ... Hollande must stop being 'normal' and start putting France back on the world map."
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Les Echos - France | Tuesday, 11. September 2012
The reform agenda presented by French President François Hollande on Sunday bears the name "Agenda 2014" in allusion to former German chancellor Gerhard Schröder's "Agenda 2010". But apart from the name the two programmes have nothing in common, the business paper Les Echos writes: » more
The reform agenda presented by French President François Hollande on Sunday bears the name "Agenda 2014" in allusion to former German chancellor Gerhard Schröder's "Agenda 2010". But apart from the name the two programmes have nothing in common, the business paper Les Echos writes: "The goal of the Agenda 2010 ... wasn't austerity for austerity's sake, but increasing competitiveness. Nothing of the sort emerges from the words spoken on Sunday by François Hollande. Without actually saying it, the president is inviting the collective bargaining partners to negotiate job flexibility as well as new guarantees for employees. But that will not suffice to define a policy of competitiveness. One looks in vain for an economic strategy of any kind. But when it comes to the budget policy the strategy is clear: it rests on raising taxes. ... This is the very opposite of the German practice, which has consisted for the past ten years in lowering public spending to ease the tax burden."
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Hospodářské noviny - Czech Republic | Monday, 10. September 2012
A tax for the wealthy, as proposed by French President François Hollande, wouldn't help the French treasury at all, the business paper Hospodářské noviny argues: » more
A tax for the wealthy, as proposed by French President François Hollande, wouldn't help the French treasury at all, the business paper Hospodářské noviny argues: "A tax system that leaves everyone happy doesn't exist, but an imbalanced distribution of the tax burden definitely won't come to any good. … The idea of imposing a 75 percent income tax on those who earn more than one million euros per year helped Hollande win the election. ... But it would be naïve to believe that this money would make any difference to the national budget. The majority of people with very high incomes have already moved away from France and other countries with high tax burdens to more appealing regions like Monaco. A progressive tax only makes sense if people are willing to pay taxes in the first place."
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All available articles from » Julie Hrstková
Ouest-France - France | Thursday, 6. September 2012
In view of France's record public debt of 90 percent of the GDP, the French government must stop telling its citizens rosy times are ahead, the liberal daily Ouest-France demands: » more
In view of France's record public debt of 90 percent of the GDP, the French government must stop telling its citizens rosy times are ahead, the liberal daily Ouest-France demands: "Such denial is worthy of Tartuffe the imposter, but not of a genuine democracy. ... No sooner were certain taxes raised than all of a sudden an extra 30 billion euros were needed for the 2013 budget. Yet the tax burden on French citizens, one of the highest in the world, cannot be raised any further without risking the most harmful consequences. ... The only true option is putting a stop to waste and non-priority spending. This must go hand in hand with a reorientation of public investment geared towards ensuring future growth and not just keeping the economy running in its present state. ... How can we accept that our children and grandchilden, who already have great difficulties finding a job, will on top of that have to repay this mountain of debt ? It is time for us to collectively acknowledge that the party is over. And it is the duty of those in government to put this point across."
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Les Echos - France | Friday, 31. August 2012
France for the first time introduced a new 0.2 percent tax on financial transactions on August 1. The liberal business paper Les Echos feels the tax will damage the economy in the long term: » more
France for the first time introduced a new 0.2 percent tax on financial transactions on August 1. The liberal business paper Les Echos feels the tax will damage the economy in the long term: "In these times of budget misery the profits made by the big companies on the [French stock index] CAC 40 are a veritable boon. ... So help yourselves, dear politicians! Tax the interest on loans, the financial transactions, the anaemic banks, the investments in young startups! Get rid of tax relief, introduce lower tax floors and raise contributions! But be aware that this manna from heaven could very quickly disappear. ... Europe is not getting back on its feet, Asia is in a slump, America is running idle. Several companies like Danone, Alcatel and Saint-Gobin have put out profit warnings. ... But if you turn them into cash cows they'll either run dry or take flight."
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Les Echos - France | Wednesday, 29. August 2012
The French government and the oil industry agreed on Friday to lower the price of petrol by up to six cents for a preliminary three-month period. The decision is a farce, writes the liberal business paper Les Echos: » more
The French government and the oil industry agreed on Friday to lower the price of petrol by up to six cents for a preliminary three-month period. The decision is a farce, writes the liberal business paper Les Echos: "The government pretends to be keeping its electoral promise to freeze fuel prices. On a planet where the quantity of petrol is irrevocably doomed to diminish, this is a fatal illusion. ... The sellers, for their part, pretend to play the game by selling the fuel at cost price. Some of them were already not far from that. But they will recoup their money elsewhere with disastrous repercussions, because a seller who sells at cost price very quickly goes bankrupt. The oil producers, in turn, will pretend to lower their margins by acquiring fuel from other sources, which won't do anything to slow down refinery closures. And everyone will pretend to slap each other on the back for a perfectly well-balanced agreement. ... What remains to be seen is whether consumers will pretend to be delighted."
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Libération - France | Wednesday, 22. August 2012
Apart from Bulgaria, France is the sole European country that has declined to produce unconventional forms of natural gas. The government should hold its course and continue to say no to shale gas production, urges political advisor Nicolas Thierry in the left-lieral daily Libération: » more
Apart from Bulgaria, France is the sole European country that has declined to produce unconventional forms of natural gas. The government should hold its course and continue to say no to shale gas production, urges political advisor Nicolas Thierry in the left-lieral daily Libération: "Multinational companies are attempting to manipulate a debate whose results involve long-term obligations. If you reduce the discussion to the technical aspects of shale gas production, you're implicitly admitting that this energy source is acceptable. But isn't the core of the issue much more the place of fossil fuels in tomorrow's economy and environmental policy? This debate is entirely political, in the truest sense of the word: if you accept that this sort of fossil energy is produced in France, it can only be because issues like climate change and sustainability don't play any role whatsoever in political thinking. The positions of our politicians on this issue show just what sort of society they aspire to in the future."
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Le Figaro - France | Monday, 20. August 2012
Patrick Ricard, whose father first commercialised the famous aperitif Pastis in 1932, died on Friday of a heart attack aged 67. Ricard turned the family business into the globally successful firm Pernod Ricard by buying out other producers of spirits. On the occasion of his death the conservative daily Le Figaro calls on the government to do more to support the entrepreneurial spirit: » more
Patrick Ricard, whose father first commercialised the famous aperitif Pastis in 1932, died on Friday of a heart attack aged 67. Ricard turned the family business into the globally successful firm Pernod Ricard by buying out other producers of spirits. On the occasion of his death the conservative daily Le Figaro calls on the government to do more to support the entrepreneurial spirit: "Today the Ricard saga is incontestably one of the great - if all too rare - entrepreneurial successes that our country so badly needs to revive its economy. ... France lacks neither talent nor creators nor entrepreneurs. But creative initiative must no longer be nipped in the bud by dissuasive social and taxation policy. Success must be celebrated and not stigmatised. And money must no longer be considered an embarrassing illness. There are many groups of foreign investors ready to put money into our country. It is not forbidden to dream of a return on investment, of growth and employment. But on one condition: France must show that it loves its companies and its entrepreneurs."
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