Too Timid by Half; French Public Finances  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 395 no. 8683 (May 2010), page 53.
Topik: Credit; Monetary Policy; Recessions; International Trade; Pensions

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.63 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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So far, France's creditworthiness has not come under as much scrutiny as that of other euro members. French bonds trade at a small premium to German ones. The (French) IMF head, Dominique Strauss-Kahn, has said "there is no real risk for France, nor for Germany." Yet in reality France's public finances are closer to Greece's than to Germany's. And rating agencies are watching pension reform for evidence of political will to get a grip. The economy has weathered the recession quite well, enjoying four quarters in a row of (albeit weak) GDP growth. But the recession has battered the public finances. The budget deficit will be 8% of GDP this year, up from 3.3% in 2008. Although less dreadful than Spain and Greece, this is much worse than Germany. No French government has balanced its budget in 30 years.

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