00:00Taxi potrebbero per i francesi.
00:02Taxi potrebbero per i francesi in francesi.
00:05Fiscal consolidazione significa che bisogna spendare meno o che bisogna taxare più.
00:11La reforma che potrebbe essere necessita, e politica,
00:15è verificata per un periodo di tempo.
00:18È verificata che alcuni elementi dell'economia perdono.
00:21C'è un'attività di crescita,
00:24aumentare i benefici, aumentare la taxazione,
00:26e la strada di francesi.
00:29La strada di francesi è verificata.
00:33È difficile per la francesi.
00:35E le altre paurelle di ripare i francesi.
00:39Le paurelle di ripare i francesi.
00:40È sempre più instantaneo.
00:43E anche se ci fa parte di francesi.
00:46La strada di francesi è in un po' difficile.
00:50especially because of the fiscal constraints
00:53but I think there is a balance of public and private sector investment
00:59and action that has to happen
01:01usually if you have periods of rapid technological change
01:05it's also possible to have a safety net
01:08so how do you build it with fiscal constraints
01:11that's a challenge
01:12but I'm not going to say it cannot happen
01:15I think if you're an international investor
01:18thinking about whether you want to invest in French bonds
01:20it's not helpful
01:21you've got a situation where it looks like
01:23either the bond market riots or the people riot or both
01:28and fundamentally what's needed in France
01:30is to get the fiscal position in order
01:32they need to raise the retirement age
01:33you can't retire at 62 if the average person is living to 84
01:37but if this is going on even before they start talking about that
01:40then imagine what would happen on the streets of France
01:43if you tried to raise the retirement age
01:44I mean here in the UK at 68
01:46imagine if they tried to put the retirement age up to 68
01:48what would happen
01:48so it's not helpful
01:50it doesn't really make the country look that governable
01:53against a time where they need to be putting through hard choices
01:56it doesn't really make the country look that way
01:56and that's what would happen
01:56but we can use them to keep people moving to the country
01:56so we can use them to get some focus on that
