French parliament adopts controversial economic reforms

Image
AFP Paris
Last Updated : Jul 10 2015 | 9:22 PM IST
France's parliament adopted a key package of economic reforms today, after an agonising passage in which the government forced the measures through the house without a vote three times.
Prime Minister Manuel Valls on Thursday again resorted to a little-used procedure to push through the reforms -- which are seen as vital to energise France's sluggish economy -- without lawmakers voting.
The Socialist government survived two confidence votes in less than six months over the move, but this time the opposition did not submit a censure motion, and the law is now considered formally adopted.
Valls chose to force through the measures to avoid a left-wing flank of rebel MPs torpedoing the bill.
The legislative package is the brainchild of Economy Minister Emmanuel Macron, a former banker, and the government sees it as vital to pep up the moribund economy, the second biggest in the eurozone.
The pending law aims to liberalise certain sections of France's highly-regulated economy, including allowing more shops to open on Sunday.
The package is also viewed as crucial in Brussels, where the EU has urged France to reform in order to bring down its ballooning budget deficit, which is far above European limits.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jul 10 2015 | 9:22 PM IST

Next Story