Hollande Tells France is in State Of Economic Emergency
French President Francois Hollande declared “a state of economic emergency” and said it is time to redefine France’s economic and social models. Hollande made the statement at an annual speech to business leaders as he laid out a series of economic reforms to reduce the county’s stubbornly high unemployment rate.
Currently, unemployment in the eurozone’s second-largest economy stands at around 10 percent, or 3.57 million people. It was the “only issue which ranks above security for the French people,” the president said, according to Agence France Presse.
With a jobless rate of more than 10 percent of the workforce, France is above EU’s average of 9.8 percent. Since 2012, when Hollande came to power, more than 600,000 people have joined the ranks of the unemployed, while joblessness decreased in most other large European economies.