Thursday, August 4, 2016

A year later, the Macron law has effects “minimal” growth –

Toulouse (AFP) – Hailed by the IMF and Brussels, decried by the left: the Macron law had last year effects “minimal” on the sluggish growth in France she was released, but she keeps a symbolic for reformers.

“This law carries a series of concrete measures that have begun to change the lives of French”, welcomed the Economy Minister Emmanuel Macron in an interview La Dépêche du Midi published Thursday almost one year after the promulgation of the text August 6, 2015, after a legislative obstacle-strewn path reached by recourse to 49-3.

“one year after, almost all of the law is under 60% of this law was directly applicable, so in effect for a year, and the remaining 40% required decrees that have almost all been taken, “he said.

Mr. Macron conducts regular route points on his law. In June, it was estimated at 1,500 net jobs created in bus transportation, text key measure. He also touted the benefits of the opening of shops on Sundays or the reform of the driving license that allows to reduce the cost and duration.

Economists consulted by AFP are taking stock more critical. “Besides the 1,500 jobs created by the bus, the impact is limited. It is infinitesimal,” says Ludovic Subran, chief economist of the insurer Euler Hermes.

He feels only a “half tenth point “(or 0.05%) provision of the law to the growth of France fell to zero in the second quarter.

” a tote without guideline in terms of law economic policy “that” the results are quite minimal at the moment, “added Christopher Dembik, economist at Saxo Danish bank, which spares the liberalization of bus transportation.

in the eyes of Thibault Lanxade, vice president of Medef, said bus Macron effectively constitute “a success.” “This is one of the major advances” permitted by the text. “It was a monopoly of SNCF, but managed to free transport,” he says

-. Union Resistors –

However, for work Sunday, the picture is more questionable. “The return we have from traders is that there is no significant increase in revenues. Consumer spending is apparently spread over a longer period,” says Mr. Dembik.

in this area, things take longer than expected to set up, many businesses grappled with union resistance.

in the 21 “international tourist areas” created in the country, stores are theoretically allowed to open on Sundays and evenings. But Macron law provides that these extended openings remain subject to an agreement with unions or an internal referendum.

The government said in late June that “the momentum was triggered” sectoral agreements (jewelry luxury) have been signed, and big names (Etam, Darty, Tati, Zara …) found a common ground with their employees. But the record remains locked in department stores, with the exception of BHV, and at major retailers such as Fnac.

As for the lower expenses of notary, also required by law, “she is extremely marginal, “says Mr. Dembik, for which” we are very far from the deregulation of regulated professions highlighted “although it is” a little more for French taxpayers. “

Faced with this low-impact, Mr. Subran is convinced that “the greatest legacy of the law will have given a big kick in the anthill and say that other economic sections may be deregulated in France.” He said it “more symbolic than anything else aside.”

“Beside foreign investors, the law was very important. It shows a minimum of will” to reform, says Dembik.

The chamber, however, remains unsatisfied. “On the simplification of corporate life, I think that the work is unfinished. It could have gone further. We would have needed a 2 Macron law which ultimately did not see the day,” laments M . Lanxade.


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