By OECD OCDE
The French economic climate has no longer escaped the critical recession gripping all built international locations, however it may be much less deep than in different places as a result of strong automated stabilisers. however, the situation will go away public funds in a major . This 2009 version of OECD's periodic survey of the French economic climate contains chapters protecting dealing with recession, labour industry reforms, restoring French competitiveness, and strengthening pageant.
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Extra info for OECD Economic Surveys 2009: France
The government has also pledged to conduct a thorough evaluation of all tax and social security loopholes by the end of its current mandate. Lastly, the Law stipulates that new measures resulting in a reduction in the level of tax revenues and/or social security fees or contributions will be offset, over the entire programming period, by an equivalent increase in revenue (State and social security), as long as the revenue level set by the Budget Planning Law has not been met. Rules governing the budget balance The main constraint on the level and profile of the budget balance comes from the Stability and Growth Pact, according to which a general government deficit beyond 3% of GDP triggers an “excessive budget deficit procedure”.
After a record year in 2007, housing starts dropped 16% on average in 2008, returning to their 2004 level. 5. In this sense, the solvency index of new borrowers has improved since November 2008. 6. 4%) from September 2007. 7. In addition, the deficit projections incorporated generous contingency reserves in order to confront possible future negative shocks. 8. This new feature was made possible by the constitutional amendment of 21 July 2008, one objective of which was to bolster Parliament's powers.
For example, the rule requiring balance in the Social Security accounts has not prevented rising deficits (let alone eliminated them), although it was originally more constraining than other rules. More generally, the many rules introduced in the last several years and the oft-declared intention to control outlays more effectively have led to only a slight decline of spending, in structural terms as a proportion of GDP. 6), in some cases quite significantly (in particular the Nordic countries, but also Germany, Austria and Canada).