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Sarkozy’s Economic Policy. CES, November 1, 2007. Solving Problems. “The French didn’t elect me to comment on their situation. They elected me to solve problems.”. Caveat: Beware of Economic Statistics.

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sarkozy s economic policy

Sarkozy’s Economic Policy

CES, November 1, 2007

solving problems
Solving Problems
  • “The French didn’t elect me to comment on their situation. They elected me to solve problems.”
caveat beware of economic statistics
Caveat: Beware of Economic Statistics
  • To say that net output to-day is greater, but the price-level lower, than ten years ago or one year ago, is a proposition of a similar character to the statement that Queen Victoria was a better queen but not a happier woman than Queen Elizabeth—a proposition not without meaning and not without interest, but unsuitable as material for the differential calculus.
  • -- John Maynard Keynes
we are a great nation
We are a great nation …

… but we are losing ground

why are we losing ground
Why are we losing ground?

We are highly productive ….

but we don t
… but we don’t
  • Work as many hours
  • Work as many years
  • Put as many people to work
policy implications
Policy Implications
  • Acte pour le travail, l’emploi, et le pouvoird’achat (TEPA)
  • Supply Side (Travailler plus)
    • Detaxing of overtime, nip at 35 hr wk
      • Cost 6 bneuros
    • Reform of special regimes, later of general regime
    • Labor market reforms=UNEDIC/ANPE merger, continuing ed
    • Single labor contract
    • Minimum service
policy implications 2
Policy Implications 2
  • Demand Side (plus incentives)
    • Mortgage Deduction
    • Inheritance tax reduction
    • Fiscal Shield Reduction
    • Total cost: 8 bneuros
policy implications 3
Policy Implications 3
  • Deficit Reduction
    • Medical copays
    • End special regimes, increase contribution time
    • Social VAT??
  • Purchasing Power
    • Galland, Raffarin, and Royer Laws
policy implications 4
Policy Implications 4
  • Eurogroup meeting, clashes with Germany, Trichet, Juncker
    • Interest rates
    • Exchange rates
    • Energy market rationalization/nationalization (GDF-Suez, Areva, Gazprom)
    • EADS reorganization
    • Competitivity Clusters
    • University Reform
slide48

“One can be impressed, I think, without being surprised, but I don’t think one can be surprised without being impressed.”

-- Mme de La Fayette

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