The loss of France's competitiveness, burden with very high labor costs, is not new. It has been sensed and felt many times, as we see industrial output going down, amidst regular (and terribly disturbing strikes). It is not a Hollande problem (nor even Sarkozy's). But I don't think that France should wait long before addressing it - ideally not through a financial shock, but through a succession of well thought and planned actions. Shocks seldom produce the desired effects, and are incredibly efficient at disarraying personal feelings, lead to major strikes and generate negative ripples throughout the economy. Better start right now through immediate action on a 3 to 5 year journey than to leave it all to a sudden 2015 harsh move - my take.
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