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France after the election: Will the Sarkozy government bring France back on the growth path?

Author

Listed:
  • Holger Schmieding
  • Daniela Schwarzer
  • Sebastian Wanke
  • Eric Thode

Abstract

France is the laggard in the current eurozone upswing. For the first time since the introduction of the euro in 1999, the growth rate of France's real GDP clearly lagged behind that of the entire eurozone. Can Nicolas Sarkozy bring the country back on a growth path? According to Holger Schmieding, Bank of America, the chances that France can become the new growth engine in Europe "were never so great as they are today". Nicolas Sarkozy not only has the right ideas, in Schmieding's opinion, he also has a clear political mandate to implement them. Also Sebastian Wanke, DekaBank, Frankfurt am Main, believes that Sarkozy will be able to implement his proposals: "This is indicated by his clear mandate, his open approach to governing and his carefully planned strategy. At the same time, the euro area is in the midst of a strong upswing. Here, our neighbours are clearly profiting..." Daniela Schwarzer, SWP (Stiftung Wissenschaft und Politik), Berlin, is more sceptical: "He (Sarkozy) must not only win the support of the trade unions, ... he must also take into consideration the growing economic and social uncertainty, documented in polls, that affect all political camps. And he must include those groups of the population that feel social and racial discrimination in a way that they see increasing opportunities within French society." For Eric Thode, Bertelsmann Foundation, Gütersloh, priority should be assigned to a reform of the French labour market. For Thode the risk of failure due to lack of support in society is great, since the power of the trade unions should not be underestimated.

Suggested Citation

  • Holger Schmieding & Daniela Schwarzer & Sebastian Wanke & Eric Thode, 2007. "France after the election: Will the Sarkozy government bring France back on the growth path?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 60(11), pages 03-15, June.
    • Handle: RePEc:ces:ifosdt:v:60:y:2007:i:11:p:03-15
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    References listed on IDEAS

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    1. Luc Behaghel & Bruno Crépon & Béatrice Sédillot, 2004. "Contribution Delalande et transitions sur le marché du travail," Économie et Statistique, Programme National Persée, vol. 372(1), pages 61-88.
    2. Eichhorst, Werner & Thode, Eric, 2010. "Vereinbarkeit von Familie und Beruf 2010," IZA Research Reports 30, Institute of Labor Economics (IZA).
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    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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