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Sarkozy outlines plans for new French economy

Sarkozy outlines plans for new French economy
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The French president has delivered a major speech on solving the eurozone crisis and boosting growth in France.

Speaking in the southern city of Toulon where in 2008 he denounced “mad” capitalism, Nicolas Sarkozy said the future lies in reducing excessive debt and doing away with the country’s 35-working week.

“A new economic cycle is beginning. This new cycle will be completely different from the previous one. The coming cycle will be dominated by debt reduction measures, it will require a balanced economy, more jobs and more production, elements that developed countries have had a tendency to sacrifice too much,” Sarkozy said. “The passage of this cycle is an adjustment that all developed countries will soon be confronted by,” he added.

Sarkozy also added stricter financial discipline was needed, with more severe penalties for countries which do not meet their responsibilities. But he failed short of calling for Brussels to have more power over France’s sovereignty.