ECONOMY – The director of the IMF expressed concern that “structural reforms that generate growth (are) really quickly and fully implemented” …
Executive Director of the International Monetary Fund (IMF), Christine Lagarde, called France to continue its efforts to reduce its budget deficit and accelerate its reforms, in an interview with daily Les Echos to be published Monday.
“We must stay focused on reducing government spending,” defends Christine Lagarde, while the French government was forced this summer to scale back its ambitions in this area.
Inflation “can not be used as a screen”
In mid-August, the finance minister Michel Sapin had come to recognize that France would fail to bring its deficit to 3.8% of GDP this year, advancing a number greater than 4%. Therefore, Paris will not go to the 3% standard -the européenne- next year.
In addition, the leader of the IMF estimated that “even if inflation is lower than expected, it can not be used as a screen to see the effort required on the expenditure “, rejecting an argument made by Michel Sapin argument itself. He pleaded last week in an interview with AFP, that “we can not have the same goals (savings) with inflation becomes very low.”
S ‘ address the “shackles of labor regulations”
Meanwhile, Christine Lagarde called Valls government to accelerate its reforms, welcoming in particular its commitment to legislate on regulated professions, and advises to address, not just in France but “in all of the euro zone” to the “shackles of labor regulations.”
Finally, rather than a possible delay in the return of the 2017 deficit below 3% of GDP, it expressed concern that “structural reforms that generate growth (are) really quickly and fully implemented.”
“When I hear that France is planning to move by ordinance to go faster, I am delighted. All that is likely to accelerate the implementation of real substantive reforms in the right direction, “she added, calling Gouverment to” move from words to deeds. “
MC with AFP
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