French president declares economic emergency

French president declares economic emergency

French president Francois Hollande has declared “a state of economic emergency” and said it is time to redefine France’s economic and social model.

Mr Hollande laid out a series of proposed economic measures in an annual speech to business leaders on Monday to boost long-stagnant French growth and reduce chronic unemployment.

The first measures he proposed are relatively modest, and he said they would not “put into question” the 35-hour work week. He did not seek to assume any new emergency powers.

Mr Hollande stressed the urgency of updating France’s labour-friendly business model in a fast-moving, increasingly globalised and online economy.

The measures included a loosening of some worker-friendly measures to encourage companies to hire, and new training for half a million workers.

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