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France’s Hollande: Europe’s Debt Crisis is “Over”
French President Francois Hollande has declared that the financial crisis that has kept the eurozone economy in recession for six consecutive quarters has ended.
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French President Francois Hollande has declared that the financial crisis that has kept the eurozone economy in recession for six consecutive quarters has ended.
In a speech to business leaders in Japan, Hollande says the debt crisis prompted the EU to improve its economic governance, set up a banking union and establish tougher rules on national budgets. The region now has the "instruments of stability and solidarity," he adds.
But Hollande says the region still needs to take measures to boost its economic growth and competitiveness. Eurozone unemployment has reached 12.2%, the worst since the euro was introduced in 1999.
The French president has pledged to boost the domestic job market. But big employers, including PSA Peugeot Citroen, General Motors and Michelin, are cutting jobs because of weak European demand.
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