Aux armes, citoyens. La patrie en danger. France is losing its triple-A status. If the French are honest, they should seize on expulsion from the club to do some clear thinking.
“拿起武器,公民们!祖国正面临危险!法国正在失去AAA评级。如果法国人能够直面现实,他们应当抓住这次被踢出“AAA俱乐部的机会,好好理清思路。
Moody’s cut its top rating late on Monday, following a similar move by Standard and Poor’s in January. The main reason is France’s “gradual, sustained loss of competitiveness and the longstanding rigidities of its labour, goods and service markets. That is pretty damning – but it is surely not news to the French.
穆迪(Moody's)于周一晚下调了对法国的AAA评级,标准普尔(Standard and Poor's)也曾于今年1月做出类似调整。下调的主要原因在于,法国“正逐渐而持续地丧失经济竞争力,劳动力、商品及服务市场长期僵化。这种评价的确尖锐,但法国人显然不是头一次听到。
France’s benchmark is Germany, yet most comparison indicators are pointing in the wrong direction. The French are (rightly) proud of their industries, yet industry’s share of gross value added has fallen by more than 5 percentage points to 12.5 per cent since the launch of the euro, according to Citi research, compared with a 1 percentage point gain in Germany. Employee costs are two-thirds of profits at French companies, compared with 60 per cent at their German competitors. That fact is not reflected in stock market returns, however – German and French stocks have performed roughly in line over five years.
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