How France Aims At Re-Establishing Itself as an Economic Juggernaut Post-Brexit
France’s president, Emmanuel Macron and his prime minister, Eduard Philippe, have embarked on an ambitious plan to bolster the country’s economic position in the wake. Contrary to other European nations, France seemed to lag behind in reaping maximum benefits from Brexit. However, Macron unveiled an impressive plan aimed at making France a fertile business haven to other European countries and beyond.
In essence, the highly acclaimed proposal touches on essential principles aimed at abolishing certain regulations and lowering taxes with the sole intention of placing the country in line with its European partners. For instance, adequate investments have been made in climate change strategies and the tech industry. More importantly, favorable legislative actions have been made to promote conducive business environments for financial institutions fleeing Britain post-Brexit.
While addressing a congregation of business leaders and journalists, Paris’ regional president, Valerie Pecresse, reiterated the country’s commitment to welcoming like-minded investors and multinational corporations to set up businesses in the French nation. Key to such an elaborate plan is the abolishment of the top payroll tax bracket and the extension of the current tax on rising financial transactions. For instance, France had initially taxed salaried employees in the healthcare and real estate, a move which is not witnessed in other European nations. The prime minister also proposed abolishing bonuses when calculating salaries subjected to tax for professions such as stock brokers.
Linguistic challenges also had a crucial impact since most contracts were prepared in French which ultimately held back foreign investors from investing in France. However, adequate measures have been proposed to establish an international law court to preside over financial cases in English. Despite creating an additional 1,000 new jobs, Paris still intends on luring firms to away from Dublin and Frankfurt. To ensure the success of new proposal, France’s current rigid labor laws must be restructured to enhance flexibility to migrant workers in line with its European counterparts. Despite receiving staunch criticism on this matter in the past, Macron is confident that the current reforms will materialize into action.
Collaborating with Germany
Crucial to achieving such reforms is international cooperation with member states. This has essentially placed President Macron in a prime position to negotiate and foster excellent diplomatic relations with Germany. Macron’s proposal also advocates for the creation of a parliament, finance minister and budget for the Eurozone in an attempt to amend changes to the EU treaties. More importantly, Macron encouraged Germany to support the revival of private and public investment in Europe to facilitate trade within the EU.
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