French president warns Commission not to give orders after Brussels called for urgent eurozone reforms to avert a “social emergency”.
In return for getting two more years to bring its budget deficit back in line France must start its reforms this year says European Commission.
France pleads for more time but denies it is turning into the new “sick man of Europe” even as data points to a deepening French downturn.
France should avoid slipping into recession in the first quarter, but growth is well below government forecast on which deficit target was set.
The French government has revealed that it will almost certainly not be able to meet its objective of trimming the public spending deficit to 3% of GDP by 2013. But where did this slavishly-followed rule – now enshrined in European treaties - come from in the first place? And does it have any economic validity today? Lénaïg Bredoux explores how and why this crucial figure was first created and discovers it dates back more than 30 years...
French employment minister Michel Sapin has caused his government major embarassment after he described the country as “totally bankrupt”.
The European Commission has sent a message to new French President Francois Hollande that his growth agenda faces severe constraints.
France "may have entered a short, shallow recession", announced the Organization for Economic Cooperation and Development on Monday, the smae day when the latest official French unemployment figures were also released revealing the total number of jobless of all categories had reached 4.8 million for the first time since 1999. Mediapart co-founder Laurent Mauduit argues that this sad state of affairs is the result of economic policies that feed speculation rather than fight it, part of a vicious circle that sees the multiplication of austerity measures that are strangling the economy, worsening rather than improving public deficits, and which have already created an exceptional level of social misery.