The crisis-hit French economy is facing its "hour of recovery or decline," the head of its central bank said Thursday, warning the economy would stay stuck if the government did not implement immediate economic reform, reports Business Insider.
"France is not beyond repair but this is the hour of recovery or decline. We have to choose and of course, we have to choose recovery," Christian Noyer told French radio.
France, the eurozone's second-largest economy, is suffering a major crisis, with zero growth in the first two quarters of the year, record unemployment and a ballooning deficit that Paris admitted on Wednesday will break EU rules until 2017.
"If we don't do the reforms, French growth will stay less than 1.0 percent. If we don't do it, we will stay at zero growth and 10-percent unemployment," judged Noyer.
"There is no alternative to reforms that raise the growth potential of the economy that have been announced. Indeed, there is no Plan B," the governor added.
Read more of this report from Business Insider.