But, in budgetary terms, these provisions will have limited impact in 'Now. The project reflects, rather seriously, a determination to act in the long term. The discourse within The Economist, very honorable and liberal British weekly, illustrates perfectly the new position of international elites: "The French government unveiled its pension reform. Las! The crisis in Greek works as a developer and now play in reducing future spending is not enough, we must deal with immediate expenses.
It remains, in the first half of 2010, as preparing the ground around a dual purpose of communication: we are a courageous reform and fair. The choice is then on a pension reform: in anticipation of funding needs to the year 2020-2040, the government shows market's willingness to stick to fiscal orthodoxy and avoid having to act on the deficit immediately. Nicolas Sarkozy and his government while seeking a formula to reassure investors about their willingness to control spending while maintaining fiscal space to avoid having to give up tax cuts for the beginning of the quinquennium and appear consubstantial with the political identity of the occupant of the Elysee. The first serious doubts arise about the future growth while euro area, and consequently, on the sustainability of the debt accumulated to help financial markets. If Asia and the United States signs of strong recovery appear one after the other, the European economy seems sluggish. Retirement: reform gone wrong for the governmentĮnd of 2009, financial markets have been saved at the cost of an unprecedented explosion of public debt and a recession of unknown magnitude since the Second World War.
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