Moscovici Says Immediate Cut in French Labor Cost Isn’t Possible
French Finance Minsiter Pierre Moscovici said the government won’t be able to deliver an immediate cut in labor costs because its deficit-cutting effort is more important.
The company chiefs’ “main demand is for an immediate reduction in the cost of labor,” Moscovici said today on Europe 1 radio. “I don’t think that’s possible because of the historic effort we’re making on the deficit.”
President Francois Hollande’s work to restore French competitiveness will take time, he said.
“It’s about the direction,” Moscovici said. “France’s situation cannot be repaired in several months,” he said, adding that the government is not seeking a confrontation with company bosses but a dialogue.
To contact the reporter on this story: Mark Deen in Paris at markdeen@bloomberg.net
To contact the editor responsible for this story: Mark Deen at markdeen@bloomberg.net
Oct. 29 (Bloomberg) -- Michel Martinez, an economist at Societe Generale SA, talks about the French economy. He speaks from Paris with Francine Lacqua on Bloomberg Television's "On the Move."(Source: Bloomberg)
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