Either we head into a more serious crisis, which will hit economic growth, or we abandon reform for a year. In both cases it is a failure for France.
More Quotes from Marc Touati:I am very sad today, as are many executives across the country. We have a confirmation that France will not, can not reform.
We can expect a jobless rate of 9 percent by the summer, and that can have a positive impact on consumers confidence and on spending. The government's betting it will have a psychological impact.
Even before the negative impact of the (youth employment measure) crisis on the economy, the evolution of industrial production in February already gives a picture of the current state of the French economy - in free fall.
What we're seeing now is a total reverse in what everyone expected ahead of the euro debut retailers understood that the euro would add new pressures for competitiveness, so they chose to push prices down to attract customers.
We are paying for the strong level of the euro. An American would think twice before coming to France on holiday.
The recovery remains very fragile. Consumption slowed, investments are still subdued, and exports are having difficulty picking up.
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