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France Looks to Halt Industrial Decline
Keywords:
The Gallois Report commissioned by the new government in France to restore France's manufacturing competitiveness. Louis Gallois is the former head of aerospace firm EADS. It calls for a 30 billion euro cut in payroll taxes to help French companies compete in global markets. Gallois proposes 22 main measures to "stop the slide and support the economy." He called this a "competitiveness shock." Gallois points to France's 70 billion euro trade deficit in contrast to booming German exports. The cost to the economy was 2 million French jobs over 3 decades, says the report. Unemployment today is around 10%. Measures suggested include the payroll tax cuts of 1.5% of GDP for salaries upto 4900 euros a month, and employee representatives to sit on board of directors of French companies similiar to Germany.
The Gallois Repot on France's industrial decline and ways to restore competitiveness
02/05/2011
The former head of EADS offers 22 measure the government should take to restore France's competitiveness and stem a decline in French industry. The report points to France's intra-European exports decline to 9.3% compared to a rise in German exports to 22.4%. There is a widening gap in wage competitiveness between the two countries. The Gallois report calls for a cut in payoll taxes to help Fench companies compete.
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