Emmanuel Macron's controversial pension reform passes constitutional test

French President Emmanuel Macron's flagship pension reform passed a crunch constitutional test on Friday, BFM TV reported.

The legislation, which pushes the age at one can draw a full pension to 64 from 62, is deeply unpopular in France and has triggered huge protests. But in what will be a huge relief to Macron and his government, the country's Constitutional Council gave its green light on increasing the retirement age, BFM said, adding that it did not know at this stage if there were some minor caveats. Macron and his government will hope such an outcome would discourage further trade union-led protests, which have at times turned violent. "The country must continue to move forward, work, and face the challenges that await us," Macron said earlier this week. But hardline unions and the opposition had warned they will not back down and have 

 

urged Macron not to promulgate it. 

IMF has adequate resources, but needs quota reform: Yellen

US Treasury Secretary Janet Yellen said on Friday that the International Monetary Fund has adequate resources to deal with global financing challenges but needs to follow through with “fair and simple” shareholding reforms that reflect the economic size of its member countries. Yellen also said in a statement to the IMF’s steering committee that she wanted the World Bank to implement further reforms to scale up lending for climate and other global needs on a rolling basis ahead of the IMF and World Bank’s annual meetings in October in Marrakech, Morocco.