May 4, 2012
Hollande's Dangerous Exceptionalism
Josef Joffe, Financial Times
Will French exceptionalism live on past May 6? Here is a scenario built around a Hollande victory. As a young staffer for Mitterrand, he witnessed what his mentor wrought. Making true on his campaign promises, Mitterrand nationalised companies, raised the minimum wage, shortened the working week, boosted welfare and imposed a 'solidarity tax' on the rich. The predictable price was capital flight, devaluation and unemployment.
TAGGED: France, Eurozone, Francois Hollande