French President Francois Hollande declared economic emergency


Who: French President Francois Hollande
Where: France
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.