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Christine Lagarde elected head of IMF: American reaction

BBC/AFP: Christine Lagarde will start her five-year term at the IMF on 5 July

As former French Finance Minister has been named IMF head, effective July 5th, and François Baroin has been named her replacement, Le Figaro has an interesting article on Christine Lagarde from an American perspective, as well as a longer article into her path that lead her to Washington.

Meanwhile, she appeared in 2009 on the Daily Show with Jon Stewart. Check it out here.

French news update (politics, G8..)

I write for Bonjour Paris and you can find my latest article here. It covers a lot of topics (Dominique Strauss-Kahn, G8, IMF), and Bonjour Paris is a great resource.

French finance minister Christine Lagarde tapped for IMF job

In the wake of the DSK scandal (Dominique Strauss-Kahn), there is plenty of competition to replace him as IMF Director. French finance Minister Christine Lagarde is considered the favorite for the position, but there is debate whether or not a European should continue to be director (as has been the case since 1944, the founding of the IMF), or if an expert from an emerging economy should take the position. In any case, Lagarde just officially announced her candidacy for the position.

As is noted in the French press, the US is hesitating to give Lagarde its support since it might want to see an emerging economy director instead. The debate will continue.

She has vast experience, expertise, knowledge and was Chairman at a top firm (Baker & McKenzie) in the US, based in Chicago. She was even a guest in 2009 on Jon Stewart’s The Daily Show. Watch here.

French economic growth highest since 2006

Good news for the French economy, at least relatively speaking. It grew by 1% during the first quarter of 2011, compared to the last quarter of 2010, “its fastest rate since the second quarter of 2006.” This in part due to a stronger manufacturing sector.

More from BBC:
“.,.All of the eurozone countries are due to report GDP figures on Friday. France’s economy minister Christine Lagarde said she was now “very confident that the (government) forecast of 2% growth for 2011 can be met”.She added that the manufacturing sector had been a particularly strong driver of growth in France.”

Why France is depressed and how it can reform

This fantastic, rather long article by The Economist (April 20, 2011 print edition),“Reforming Gloomy France”, profiles the country’s current pessimistic mood, economy, prospects for growth and entrepreneurial start-up spirit that is motiving many today. It speaks about how the French state of mind is hard to pinpoint and also hope for the future. Excellent read. These are only excerpts below. You can read the full article at the link above, and I’ve made it available for download.

France
Reforming gloomy France
The French are feeling morose about their future. The thrusting energy of their digital entrepreneurs suggests they should not
Apr 20th 2011 | PARIS | from the print edition

BEHIND the bustling terrace cafés and bright municipal blooms of springtime, France today is not a happy place. Tense, fearful and beset by self-doubt, the French seem in a state of defiant hostility: towards their president, political parties, Islam, immigrants, the euro, globalisation, business bosses and more. Such is France’s despondency that its people face “burnout”, said the national ombudsman recently; previously, he had described the nation as “psychologically exhausted”.

It is a sign of French disgruntlement that the publishing sensation of the past six months has been “Indignez-vous!” (“Time for Outrage!”), a pamphlet by a 93-year-old urging his fellow countrymen to revolt. Indeed, the French currently rank among the world’s most pessimistic. Only 15% told a global poll that they expect things to get better in 2011, a far smaller percentage than of Germans or even Afghans and Iraqis (see chart 1)…

…The French seem simply to doubt their politicians’ ability to do much to improve anything. The economy is emerging only slowly from the recession, with GDP growth this year forecast to reach 1.7%, compared with 2.5% in Germany. Joblessness, at 9.6%, is high, and even more so for the under-25s. Although the government has embarked on fiscal consolidation, public finances remain under strain, with a deficit of 7.7% last year. Ordinary working people keep hearing that their high-tax, high-spending model provides them with one of the world’s most generous social systems; yet even the middle class feels a squeeze at the end of each month.

The upshot is a fatalistic France that seems to have set its sights on little better than controlled decline: a middling economic power, whose people cling to their social model and curse globalisation, while failing to get to grips with either. Considering what they hear from politicians, this attitude is perhaps not surprising. The Socialist Party promises, with a straight face, to restore retirement at 60 (the age was recently raised to 62) and urges greater European protectionism as a response to globalisation. Ms Le Pen vows to withdraw France from the euro and put back border controls. Mr Sarkozy’s political day-trip of choice is to a metal-bashing factory—although only 13% of jobs are in industry—where he surrounds himself with workers in overalls and hard hats, telling them they need to be protected from globalisation and other ills.

One conclusion from all this is that France and its politicians are irredeemably conservative. Indeed, France often seems to be in semi-permanent revolt, arms crossed and heels dug in against change. Only last autumn, unions and oil workers led weeks of strikes and blockades in protest at Mr Sarkozy’s modest raising of the minimum retirement age. On a single day, up to 3.5m protesters took to the streets; petrol pumps ran dry across the country. “Why France is impossible to reform”, lamented L’Express, a news-magazine….

…But if the French really are so allergic to change, how come the pension reform not only went through but has now been accepted, even forgotten? Only weeks after the new law reached the statute books in November, the matter did not rank among the nation’s top ten subjects of conversation, according to a poll for Paris-Match. France seemed to go through a painful spasm of rebellion, then to shrug it all off and resume business as usual. “We were able to demonstrate to the French people that there are things that a government just has to do,” argues Christine Lagarde, France’s finance minister. “For once, the government did not give in to the street.”…

…By holding firm, and ignoring charges of political deafness, Mr Sarkozy appealed over the heads of those on the streets to the silent majority. He took a bet that this invisible France would quietly back change, and prevail over the rest. For, in reality, two halves of the country co-exist. One half, mostly, but not only, in the public-sector, is led by hard-talking trade unionists promising to prolong benefits for privileged “insiders” and entrench rigid labour laws. The other half, mostly found in the more dynamic, private sector, is plugged into global markets and just as despairing of its strike-happy fellow countrymen as anybody else.

This is the France that does not go on strike, that defies disruptions to struggle into work, and whose voice is seldom heard. It is found among the 92% of workers who do not belong to a union. It is the small traders and artisans who are up before dawn scrubbing their shop-front windows. It is the workforce whose productivity per hour worked is higher than that in Germany and Britain, and which helped to make France the world’s third highest destination for foreign direct investment in 2010. It is the third of private-sector employees who work for a foreign firm. It is France’s leading global companies—Vivendi, L’Oréal, Michelin, LVMH—which busily reap the benefits of globalisation, a force that the French say they deplore.

This voiceless France, more adaptable and forward-looking, seldom permeates the national conversation. Yet a glance at the France behind the headlines hints at a picture that is a lot less glum. Shops are full, markets busy and consumer spending is buoyant. Property prices are up. The French have snapped up the iPad and 20m, or nearly a third of the population, are on Facebook. The French may moan about their country, their bureaucrats and their politicians, but they seem happy with their individual situation. Though only 17% of young people told one recent poll that their country’s future was promising, a massive 83% said that they were satisfied with their own lives.

G20 Paris meeting to slightly disrupt traffic Feb. 19

February 19th, 2011 No comments

The G20 Finance Ministers will be meeting from today until tomorrow at Bercy in Paris.
You can see more about it in French here at La Tribune.

Because of this meeting, the Paris public transport network, RATP, is foreseeing disruptions, including the complete closing of Boulevard Bercy in the 12ème arrondissement from 6am to 7pm on Feb. 19. More information is below from the RATP site. Metro is not affected, but you will see that numerous bus lines will be. Check back at RATP for updates.

A noter, samedi 19 février, trois manifestations sur la voie publique :

1 – De 06h00 à 19h00, fermeture du boulevard de Bercy à la suite de la réunion des ministres des finances du G20.
Lignes de Bus concernées : 24 et 87.

2 – A partir de 13h30, rassemblement au niveau de la station de métro Château Rouge, puis défilé par les boulevards Barbès et Magenta jusqu’à la place de la République où est prévue la dislocation du cortège.
Lignes de Bus concernées : 20, 26, 30, 31, 32, 38, 39, 42, 43, 47, 48, 54, 56, 65, 75 et 85.

3 – A partir de 14h00, rassemblement statique place de la République.
Lignes de Bus concernées : 20, 56, 65 et 75.

French strikes: Paris CDG airport might run out of fuel next week…

October 16th, 2010 2 comments

This is just to share with you the latest news, courtesy of BBC News. The unions are continuing their policy of political terrorism, taking the country hostage for their own interests and to the economic detriment of the country. Let’s hope this ends soon.

Excerpts below.

France’s main airport, Charles de Gaulle, has enough fuel to last only a few days, the transport ministry has warned amid strikes against government plans to raise the retirement age.

A ministry spokesman said officials were working to restore aviation fuel supplies. Economy Minister Christine Lagarde urged people “not to panic”.

Oil refineries and fuel depots have been hit by the latest strikes. Meanwhile unions are holding fresh mass protests over the pension plan.

On Saturday thousands of students are expected to join a fifth day of demonstrations in less than six weeks. Unions have called for more than 200 marches nationwide. Trapil, the company that operates the fuel pipeline to the Paris airports, told French media on Friday that supplies had stopped and that Roissy-Charles de Gaulle could run out of fuel as early as next week.

All 12 oil refineries in France have been hit by the strikes. Ten have shut down or are in the process of closing. A number of fuel depots have been blockaded….A sixth day of nationwide strikes and protests is planned for Tuesday 19 October….”

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