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The French government is reforming labor rules in order to make the country more attractive to foreign investors. One of the biggest changes will be a partial rollback of the rules limiting the workweek to 35 hours.
The rule was passed by the Socialist government in the late 1990s to bring down high unemployment rates. Nonetheless, the jobless rate in France has stayed high at about 10 percent and productivity has suffered.
Indeed, a recent study by the European Central Bank said that labor rules throughout the euro-zone must be reformed or else economic growth will be seriously hampered.
In particular, the Bank cited generous unemployment benefits, high wages, and high payroll taxes as some of the factors that are contributing to slow economic growth in the euro-zone.
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