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France protests holding back economic growth: Analyst

Friday, 03 June 2016 7:22 AM [ Last Update: Friday, 03 June 2016 7:22 AM ]

Protesters hold CGT (Labor General Confederation) flags during a rally against the government’s labor market reforms in Rennes, northwestern France, on June 2, 2016. ©AFP

Press TV has conducted an interview with Mark Thornton, senior fellow at Ludwig von Mises Institute in Alabama, and Marcia Baker, economic expert from the Executive Intelligence Review in Washington, to discuss the ongoing protests against the French government’s proposed labor reforms.

Thornton says France should get its budget “more imbalanced” in order to meet EU requirements, adding that the protests in the country are holding back economic growth.

“So something direct has to happen in the budget of France and these protesters are reducing economic activity by bringing down the electrical system, by bringing down the transportation system that is hurting the French economy,” he states.

He further says France needs “more freedom” in its economy, in its labor force and a much smaller government in order to raise standards of living.

The analyst goes on to say that the French economy needs to make itself “more productive” so that it can reduce the tax burden and create genuine economic growth.

Baker, for her part, believes the protests in France are the reaction to the austerity measures the government is putting forward “wrongfully.”

She thinks Europe needs to break with the transatlantic system and ally with China’s “One belt, One Road”, New Silk Road for world development.

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