Tresor-Economics - Trésor Info | Direction générale du Trésor

Trésor-Eco

Trésor-Economics No. 137 - An economic perspective on dispute resolution in labour law

Rédigé par : DG Trésor 16 octobre 2014

Seen from an economic perspective, it has been shown that labour market rigidities can adversely impact productivity by reducing companies' capacity to adapt to macroeconomic change. In addition, overly complex and restrictive labour laws can affect employment rates and foster labour market segmentation.In international comparisons, France is characterised by relatively powerful rigidities in the... Lire la suite

Trésor-Eco

Trésor-Economics No. 136 - Argentina, the vultures and the debt

Rédigé par : DG Trésor 30 septembre 2014

Argentina's 2001 default on its sovereign debt was one of the largest in financial history. Its impact on orderly debt restructuring practices persists, particularly as a result of the dispute pitting Argentina against its "holdout" creditors, also known as "vulture funds".The "NML Capital v. Argentina" case has entered its final phase, as the Argentine government filed a petition with the Supreme... Lire la suite

Trésor-Eco

Trésor-Economics No. 135 - The world economy in summer 2014: rising uncertainty

Rédigé par : DG Trésor 09 septembre 2014

The global economic situation remained weak and uneven in summer 2014. The recovery gathered pace in the Anglo-Saxon countries but has yet to materialize in the euro area and in Japan. Growth in the emerging countries, meanwhile, continued to slow down. While many factors still point to a continuing global recovery, some downside risks have intensified, notably concerning the scale of the emerging... Lire la suite

Trésor-Eco

Trésor-Economics No. 134 - How do French unit labour costs compare to those of its euro area partners?

Rédigé par : DG Trésor 01 septembre 2014

Before the "Great Recession" in 2008, unit labour costs (ULCs) showed contrasting trends in the euro area. While they recorded particularly strong growth in Spain and, to a lesser extent, Italy, they fell in Germany. France's unit labour cost growth was slightly higher than the euro area average as a result of marginally stronger wage growth.The recession narrowed the differentials in ULC growth s... Lire la suite

Trésor-Eco

Trésor-Economics No. 133 - Mapping out the options for a European minimum wage standard

Rédigé par : DG Trésor 01 juillet 2014

Minimum wage standards in the European Union (EU) – when they exist at all – are highly heterogeneous, whether their levels are expressed in nominal terms or as a percentage of the median wage. Social partners and governments play different roles in the wage-setting process depending on countries, with varying rules and procedures for adjusting the minimum wage (frequency of adjustments and adju... Lire la suite

Trésor-Eco

Trésor-Economics No. 132 - An unemployment insurance scheme for the euro area

Rédigé par : DG Trésor 24 juin 2014

Pooling a part of unemployment insurance within the euro area would provide a new instrument for solidarity that would in turn be a concrete incarnation of the social dimension of EMU while enhancing stabilisation of the euro area as a whole. The crisis made it clear that the euro area has no central fiscal instrument that is able to cushion the impact of macroeconomic shocks. Setting up a common... Lire la suite

Trésor-Eco

Trésor-Economics No. 131 - How to account for the drop-off in France's per capita GDP in the last 40 years?

Rédigé par : DG Trésor 13 juin 2014

Between 1975 and 2012, France's per capita GDP rose more slowly than the average for OECD countries, particularly as compared to the United States and, to a lesser extent Germany and Northern Europe. France ranked above the OECD average in 1975, but as a result of this slower growth, now ranks lower than most of the major developed economies except Italy and Spain. The underlying factors in France... Lire la suite

Trésor-Eco

Trésor-Economics No. 130 - A spell of deflation in the euro area?

Rédigé par : DG Trésor 03 juin 2014

Inflation in the euro area was 0.7% year-on-year in April 2014, after reaching 0.5% in March - its lowest level since November 2009. Inflation began declining in the summer of 2012, due largely to the contraction and subsequent stabilisation of commodity prices, especially oil, as well as the appreciation of the euro. Stripping out the impact of the volatile components of the CPI, core inflation (... Lire la suite

Trésor-Eco

Trésor-Economics No. 129 - Unionisation in France: paradoxes, challenges and outlook

Rédigé par : DG Trésor 13 mai 2014

France is unusual in that it has one of the lowest rates of union membership in the OECD (8% in 2010) with one of the highest rates of collective bargaining coverage (93% in 2008). This paradox points up the particularity of the French model of industrial relations, where the collective bargaining extension procedure means that unions and employer associations negotiate for all sector workers rath... Lire la suite

Trésor-Eco

Trésor-Economics No. 128 - What next for globalisation?

Rédigé par : DG Trésor 12 mai 2014

One of the most remarkable features of the global economy since the early-1990s has been the rapid integration, and consequently growing importance, of the emerging economies, China especially, in the global trading system. This issue of Trésor Economics considers the main medium-term issues and challenges arising from future developments in these economies' supply side on the one hand, and in the... Lire la suite