那提西-法国-宏观经济-法国：应该启动双重良性循环-20180129-9页

FlashEconomics29January2018-94PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comFrance:AtwofoldvirtuouscycleshouldbeinitiatedFrancesstructuralsituationwouldimproveifatwofoldvirtuouscyclecouldbeinitiated:?Animprovementintheefficiencyoftheeducationsystem,andinyouthskills,whichcouldgraduallybringdownthestructuralunemploymentrate,theabnormallyhighlevelofwhichisoneofFrancesmajorstructuralproblems;?Afurtherriseintheemploymentrateofthe55-64agegroup(especiallythe60-64agegroup),whichcouldincreasethepotentialGDPlevelandreducegovernmentspendingonpensions,henceoverallgovernmentspendingandthetaxburden,thelevelofwhichisanotherofFrancesmajorstructuralproblems.Thesecondvirtuouscycleseemstobegettingunderwaynow,butnotthefirst.DistributionofthisreportintheUnitedStates.Seeimportantdisclosuresa