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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.

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