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Euro area
Although the strength of the rebound varies across countries, it is important to highlight the return to positive growth in those countries most affected by the crisis and which are of major importance to the euro area: I'm thinking above all of Spain and Italy, where exports have rebounded sharply and are currently driving economic activity.
On a financial level, we are also seeing a significant return to normal in the euro area:
Outlook for the French economy
France has some major strengths for competing in a global economy: dynamic demographics, a well-trained labour force, expertise in strategic or high-tech sectors such as mathematics, aeronautics and nuclear engineering, and excellent infrastructure. We also have the advantage of an efficient financial system which has always managed to play its role in financing the economy. French banks have made the necessary efforts to meet the Basel 3 solvency requirements, and are also improving their liquidity levels in a highly favourable monetary policy environment.
But our economy has two main handicaps: first, taxes and social security contributions are too much of a burden, particularly for companies, because of our excessively high level of public spending; and second, our labour market and goods and services markets are overregulated and excessively rigid.
As far as I can see, France's main priority today is to ensure that it can take full advantage of its strengths by implementing structural reforms that reduce the burden of taxation and simplify administrative formalities. The government has made it clear that it shares this view of the causes behind our current problems and of the solutions that we need to implement as soon as possible.
It has indeed begun implementing major structural reforms, and is committed to going further, notably on firms' cost competitiveness and on the reduction of the public deficit through greater cost efficiency in public administration.