Germany also wants to see the euro zone’s second largest economy address overspending. Brussels says Paris is not taking radical enough action to combat rising labour costs, a falling share of international export markets and an industrial decline, threatening a shock to its economy that would resonate through the 17-nation euro zone. France’s economic well-being is central to the health of the currency area, but the country’s pride in its status as a leading member of the European Union means it resists taking advice from EU institutions. The pension reform, among the most closely watched measures undertaken by Hollande since he took office in May 2012, aims to fill a hole in the pension system that could reach almost 21 billion euros ($28 billion) by 2020. Though Hollande’s reform will lengthen the number of years worked, it does not change the legal retirement age of 62 years for a full pension, which is one of the lowest in Europe. “NO CONSTRAINTS” In the shadow of the pension reform, Moscovici presented France’s 2014 budget to parliament on Wednesday. He plans 15 billion euros in savings to reach a deficit of 3.6 percent of economic output, which should allow Paris to bring the budget deficit to below the EU’s 3 percent ceiling in 2015. Under EU rules, sharpened at the peak of the debt crisis in late 2011, euro zone countries can face fines if they fail to meet deficit targets and risk damaging investor confidence. Moscovici was also keen to convince Rehn, who has new powers to check countries’ budgets, that France’s planned budget savings and economic forecasts are in line with its commitments. He also sought to play down any suggestion that France would not respect the Commission’s new monitoring powers. “Europe does not pose a constraint. Europe is not a problem.
UPDATE 2-EU and France play down tensions over reforms
Police moved in early in the day to clear the camp in the heart of the northern town of Roubaix, near Lille, moving out some 10 caravans, officials said. Families lodged in about 25 other caravans had left on Thursday evening in what officials described as a “voluntary” evacuation. The town’s mayor Pierre Dubois said the move was linked to “reasons of security, health and considerable inconvenience to local residents.” He said about 30 Roma had been given temporary housing since 2009 and that 120 others lived in another illegal camp, adding that the town’s resources were stretched. “Roubaix has largely surpassed the limits at its disposal …in terms of hosting them,” Dubois said. Cristina Grosu, an 18-year-old cradling a baby, said she had no choice but to remain near the town hall in the evening. “For this evening, there is no solution, we have to remain here,” she said. The crackdown follows a tough line championed by Interior Minister Manuel Valls, who last year issued local authorities with a set of guidelines on the dismantling of settlements currently housing more than 20,000 people, including a high proportion of children. In theory, the rules mean camps can only be cleared three months after a judge has ruled that they are illegal and on condition that a plan to provide alternative housing has been put in place. But in practice, these principles are rarely respected, according to Dominique Baudis, the Defender of Rights — France’s public ombudsman. “The interministerial circular of August 2012 is not being applied in every case, far from it,” Baudis said Friday. “Too often, the expulsions are carried out without a judge having authorised them. Too often the three-month delay from a judgement being made to a camp being dismantled is not respected.” Baudis said he had transmitted his concerns to Prime Minister Jean-Marc Ayrault in July. “Alas, so far I’ve had no response,” he said.
France Insurance Market Trends & 2017 Opportunities: Life, Non-Life and Reinsurance Industry Analysis
27, 2013 /PRNewswire-iReach/ — The French life insurance segment accounted for 65.5% of the industry’s gross written premium in 2012. During the review period, turbulent financial and economic conditions adversely affected the segment’s performance. The segment posted a CAGR of 0.9%, with gross written premium expanding from EUR122.4 billion (US$180.0 billion) in 2008 to EUR127.0 billion (US$163.4 billion) in 2012. The segment’s penetration rate remained stable at 6.3% in 2012. Pension products were the leading French review-period life insurance product category. Pension policies accounted for 82.3% of the segment’s premiums in 2012. Bancassurance dominated the life insurance distribution network. The channel accounted for an average share of 60.6% of the total review-period life insurance commission paid. Complete report Life Insurance in France, Key Trends and Opportunities to 2017 is available at http://www.rnrmarketresearch.com/life-insurance-in-france-key-trends-and-opportunities-to-2017-market-report.html . (Photo: http://photos.prnewswire.com/prnh/20130927/MN87823 ) France has a large and well-developed domestic reinsurance segment, with the reinsurance premium valued at EUR16.4 billion (US$21.0 billion) in 2012. There were 19 reinsurers operating in France at the end of 2011. International reinsurers such as Munich Re, Swiss Re and Berkshire Hathaway dominated the segment. Despite slow growth in the insurance industry, the reinsurance segment increased at a review-period CAGR of 4.9%. Complete report Reinsurance in France, Key Trends and Opportunities to 2017 is available at http://www.rnrmarketresearch.com/reinsurance-in-france-key-trends-and-opportunities-to-2017-market-report.html .
France to sanction Google over privacy rules
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