Friday, June 29, 2007

Plus Ca Changes...

. Friday, June 29, 2007

Newly-released statistics reveal that French unemployment fell to its lowest level in 25 years last month, reducing the economy-wide unemployment rate to 8.1%. That's right, the unemployment rate in France has not been below 8% since the mid-term election of the first Reagan administration. Thatcher had been in office for about three years. The Berlin Wall was a solid barrier rather than an historical oddity. Roger Dietzel was half-way through his twenty-year (unsuccessful) wait for a shiny new Trabant. Through all of the dramatic changes that have occurred since 1982, the one constant appears to be rigid French labor market institutions.

Sarkozy promised action this summer; as he has now elected a friendly legislature and selected a government, perhaps he will begin? Or maybe the recent stellar labor market performance--best in 25 years--means that he need not bother?


Plus Ca Changes...
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