Hollande urges new approach on EU partners

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Hollande urges new approach on EU partners

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French President François Hollande has been meeting with the heads of the World Bank, IMF, and other top economic bodies at the OECD headquarters in Paris.

It comes at a time when Hollande is attempting to lead the eurozone towards a more growth-led response to the financial crisis than the current austerity-dominated approach. He is having trouble convincing France’s major partner Germany and its leader Angela Merkel.

“The eurozone is on the point of coming out of the crisis of uncertainty and instability, but we are not at the end of the road yet. We need mechanisms, rules, and above all, action,” said Hollande.

Everyone here then joins Angela Merkel for talks on Tuesday in Berlin as the laborious process of dragging the euro back from the brink continues.

France’s share of the global market has fallen from 6.2% in 1990 to 3.6% today, and to arrest that decline Hollande has promised to restore competitiveness, and shift part of the tax burden away from employers onto employees.