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Macro Economic Policies of the French and German Governments - Assignment Example

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In the paper “Macro-Economic Policies of the French and German Governments,” the author discusses how successful the French and German governments have been in running their economies over the last three years. He describes the main macroeconomic policies of the French and German governments…
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Download file to see previous pages In contrast, the Socialist Partys Ségolène Royal has made large spending promises which would cost, according to estimates by the Economist (2006), €49 billion per year by 2012. That is almost a third more than the expenditure planned by the current government, and there are questions as to whether the faltering French economy will be able to support such levels of expenditure.
In the three months to September 2006, the quarterly GDP growth rate was zero, when the Bank of France had forecast growth of half a percent. Many economists believe that the flat growth in the third quarter of the year was merely a correction from the 1.2% growth in the second quarter, a view that was born out by 0.7% growth in the final quarter, which raised the annual growth rate to 2.4% (OECD, 2007). This view is supported by the November business confidence study compiled by INSEE, the state statistics body, which showed that many firms expected to raise output in early 2007 (Matlack, 2007). The government finance minister has also gone on record as saying that 2006 has placed the economy on a "dynamic trend" (Matlack, 2007), and is poised to take off in 2007, a view supported by the fact that there is no sign that consumer spending is easing off (The Economist, 2007). When this is combined with falling unemployment, which fell to 8.4% in February 2007 (The Associated Press, 2007), France appears to be maintaining its position as the euro zones most robust big economy.
However, several analysts are now taking the view that France could start to lose this position, with Morgan Stanley's chief economist for Europe, claiming that France’s latest GDP growth data reflects a structural problem, not a correction (The Economist, 2006). Since 1997, the French economy has been remarkably resilient, and over the last five years, average annual GDP growth has been twice as much as Germany or Italy.  ...Download file to see next pagesRead More
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