The writer is Rene M Kern Professor at Wharton School, chief economic adviser at Allianz and chair of Gramercy Fund Management
The departure of another prime minister of France adds to a daunting economic outlook for country. The immediate catalyst for the move was a public disagreement over the composition of the Cabinet. But the underlying cause is the government’s persistent inability to secure a functioning parliamentary majority for much-needed fiscal consolidation.
France is running an elevated budget deficit at above 5 per cent of GDP, and has a national debt nearing 114 per cent of GDP. These are both high by historical standards, especially for a “core” Eurozone country.
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