President François Hollande’s declaration in a speech earlier this month that France is in a “state of economic emergency” was hardly reassuring. But, if it’s even possible, we would actually argue that the situation is even more worrying.
The French economy is not in the midst of an acute crisis that might respond to quick-fix solutions to kick-start growth. Rather, it is suffering from chronic weakness. Unfortunately, this will be solved neither quickly nor easily.
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