The eurozone needs a strong French economy

Economically speaking, France is not as French as it first seems but there is a desperate need for it to embrace some structural reforms

More than ever, the French economy is at the centre of the global debate about how far one can push the limits of state size and control in a capitalist democracy. To those on the left, France's generous benefits and strong trade unions provide a formula for a more inclusive welfare state. To those on the right, France's oversized and intrusive government offers only a blueprint for secular decline. For the moment, the right looks right.

Once nearly the economic equal of Germany, France has fallen well behind over the past decade, with per capita GDP now about 10% lower. France may punch above its weight politically, but it punches far below its weight economically.