Who: French President Francois Hollande
What: Declared economic emergency
When: 18 January 2016
French President Francois Hollande on 18 January 2016 declared a state of economic emergency and social emergency to redefine country’s economic and social model.
To tackle the emergency, Hollande unveiled a 2 billion euro plan to revive hiring and catch up with a fast-moving world economy.
Also, the government has proposed series of economic measures to revive long-stagnant economic growth and reduce chronic unemployment, which has been around 10 percent for years.
Proposed measures to be taken by French Government are:
• Under a two-year scheme, companies employing fewer than 250 people will receive a 2000 euro bonus for each new employee with a contract of more than six months, under certain conditions.
• One billion euros will be spent on training schemes for unemployed people.
• About 500000 vocational training schemes will be created.
• Updating country’s labour-friendly business model in an increasingly online and border-free economy.
• Loosening of France’s rigid working time rules.
• Integrating youth from France’s troubled suburbs, including minorities who face job discrimination, into the global economy.
The government will also include a few measures in draft economic reform laws which will be presented in the parliament in the coming weeks.