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French President declares state of economic emergency

French President Francois Hollande has declared a state of economic and social emergency to redefine France’s economic and social model. In an annual speech to business leaders in Paris, he unveiled a 2-billion-euro plan to revive hiring and catch up with the fast-moving world economy.

He said, the proposed measures are relatively modest, and they would not put into question the 35-hour workweek. With his country, under a state of emergency since terror attacks in November, Mr Hollande did not seek to assume any new emergency powers over the economy.

The French President laid out plans for training half a million jobless workers, greater use of apprenticeships, and aid for companies that hire young workers. Hollande’s Socialist government has struggled to boost long-stagnant French growth or reduce chronic unemployment, which has been around 10 per cent for years.

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