Change in Labor Laws in France
If there is something that has always pulled France down is its labor market. Both international institutions and investors blame the labor market for the slow growth that is being experienced in the French economy. However, there is a hint that this is about to change as Emanuel Macron had promised the French people. This report was revealed by a former governor who used to work for the prestigious Bank of France when talking to the CNBC. He revealed that he expects France to have the most flexible labor market in the area. He even suggests that France will rank number three in Europe doing better than the United Kingdom. According to experts, this will be a huge step forward for France, and they term the move as a game-changer.
These results can be attributed to two people who are Edouard Philippe who is the French Prime Minister and Emmanuel Macron, the French President. As for Emanuel Macron, he promised the French people that he would end the centralized collective bargaining that had been witnessed by unions. Instead, he wanted a system where a company can negotiate terms with their employees. Not only will this make things easier, but it will motivate employers’ especially bigger companies to hire more. The Prime Minister on his part promised the French people a summer that will be characterized by intense consultations. He revealed that these consultations would be between the trade unions and the government as they sought an amicable solution to an issue that has affected the country for years.
Like it was expected, the leaders of the French Trade Unions are dragging the issue. This is an art that they have perfected in years. They even asked the government to extend consultation period other than trying to hurry the reforms. The move by the government has been applauded by many investors who claim that it’s a very good start for the Macron’s government, and is likely to attract more business to France. This change comes at an opportune time when the United Kingdom is preparing to leave the European Union. Paris is also seen as the next destination for the European Union headquarters meaning that they should set up European standards. A French executive noted that he had seen a change in approach in the way the government was handling the issue. Many institutions such as HSBC have agreed to move their operations to France when the UK finally leaves the European Union.
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