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Tuesday 21.11.2017 | Name days: Andis, Zeltīte
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Latvia's Finance Minister criticizes France for inaction in the implementation of reforms

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUFrench President Francois Hollande is not active enough in the implementation of reforms in the country. This could potentially create problems in Eurozone, as Latvian Finance Minister Andris Vilks said in an interview to Reuters France this Tuesday.

‘We have seen in France that Hollande said several times that he has some kind of plan how to revitalise the economy, but there is no real action,’ – said Vilks.

Two weeks ago Hollande revealed his plan, which includes the reduction of labour costs as long as companies provide new jobs, Reuters reports.

Unemployment in France reached 3.3 million last December. This is why the President had promised to reduce the number of unemployed persons by the end of 2013.

‘France is such an important core country and if there is one large country somehow staying a little bit behind other core countries […] it could make some potential troubles for the whole Eurozone,’ – Vilks told Reuters.

Reuters mentions that Latvia followed a strict fiscal discipline in previous years. This allowed the country to be recognized as the most rapidly growing economy in the EU in 2012.

When asked what he would recommend France, Vilks said: ‘Action, action, what they are missing, action.’

‘We cannot afford to take some kind of break. At the moment we still have pressure, but not so strong at it was two-three years ago when we indeed asked for very radical reforms,’ – Vilks said.

‘There is a natural resistance towards reforms. It would be even more painful for countries that haven’t started,’ – he concluded.

Ref: 103.109.109.2823


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