Monday, February 29, 2016
The fronde on the left, which has grown to the size of a rebellion if not a revolution with the announcement that confederates of Martine Aubry will quit the PS leadership, has finally borne fruit with the announcement today that presentation of the El Khomri Law to the Council of Ministers, scheduled for Wednesday, will be postponed for at least two weeks. The necessary "corrections" will be made, says Prime Minister Valls. His statement also spoke of "misapprehensions" and "misinformation" about the content of the law, so it wasn't immediately clear if he intends to modify the terms of the reform or simply explain loudly and slowly to the less alert pupils in the party, who haven't yet grasped the fact that the government has concluded that further progress on the demand side of things is impossible (Michel Sapin made this clear at last weekend's G20 meetings) and the only way forward is on the supply side with enhanced "flexibility."
Michel Sapin, French finance minister, said a co-ordinated boost to demand was a long way off.
“We are absolutely not talking about a global fiscal stimulus package,” he said. “We’re not there at all. In France we don’t have the means to do this just yet. Other countries have more capacity and they can use this capacity to continue to support global growth.”