The socialist government has responded to a report on the lack of industrial competitiveness with a €20bn corporate tax break. That is throwing money at the wrong problem. It is labour costs, not tax bills, that need to fall, if France is to counter the decline in its competitive position and its overall creditworthiness. This matters: it will issue €170bn of debt next year, and its borrowing costs will surely rise. La patrie is not en danger. But la fête is definitely finie.
面对一份关于法国工业缺乏竞争力的报告,法国社会党政府的回应是推出总额达200亿欧元的企业税收减免。这种做法是把钱浪费在了错误的地方。如果法国准备阻挡其竞争地位和总体信用评级的下滑趋势,就必须削减劳动力成本,而不是削减税收。这一点关系重大:法国明年将发行1700亿欧元的债券,而其借贷成本肯定会上升。虽然祖国尚未面临危险,但好日子却是一去不复返了。
Lex专栏是由FT评论家联合撰写的短评,对全球经济与商业进行精辟分析
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