The shock that Hollande wants to avoid

On board Emirates A380

Louis Gallois is behind a report on the French economy that president Hollande really don’t want to act upon. (Photo by Ammar Abd Rabbo, on Flickr)

The competitiveness of France is too low.

And according to a report, that will be published later today, written by the respected French industrialist, Louis Gallois, the country will need a “shock treatment” in order to become competitive with a country like Germany.

Louis Gallois said – just after he was named as “investment commissioner” in July by president Francois Hollande – that the economy needed nothing less than a “competitiveness shock”, according to the latest issue of The Economist.

Today, Monday, four months after the commission was established, Gallois is ready to present the report.

But the report, which most likely recommend a shock therapy, and heavy investment, to the French economy is most likely to be rejected by the government.

“We cannot simultaneously restore public finances and impose a competitiveness shock,” a government source told Reuters.

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