But after that he would resume his freedomThis regulation will indeed expire March 31 2010It is also translated by new expectations This requires us to open our spectrum he addedShould change its objective that is not hereAnd this total sales was decreased from 2Can the spirits evolveThey evolve alreadyThis division was not or nearly twenty years agoThe announcement of the custody of Moussa bIt must consider the accounts for the year 2007 amputated by the 4The deficits of the French external trade in recent years are the three causes: the rise in energy and raw materials prices, fortunately attenuated by the strength of the euro, but which is however more than half of our deficit for 2007; considerable trade surpluses of the emerging countries, China in mind, with the consideration in the deficits of developed countries, including ours; Finally, the weakening of the competitiveness of our economy. The first two of these causes are exogenous, the third we own. Should therefore put into perspective the importance of our external deficit, there is no need to learn the lessons.
With regard to energy, to only imagine where we would without nuclear power plants and a strong currency! To deal in permanently higher oil, it is only a policy in the long term: intensify our efforts to research and development of alternative energy, raise our energy productivity, increase energy savings.
Our deficits with emerging countries, mainly China, are a direct consequence of globalization and the international opening of these countries as well as the exceptional growth resulting from ten to fifteen years. Remedying these deficits by protectionist measures, open or concealed, is impossible for us our European partners do not want and would anyway be very dangerous. Such measures plunge the world into a trade war that would result in a recession and massive unemployment.
The imbalance in our trade with China is unhealthy for the share as a result of the undervaluation of the Chinese currency. Must be obtained from China that it leaves the course of the yuan to settle freely on the foreign exchange markets. For the rest, the recycling of balance of payments surplus is at work around the world must compensate trade imbalances that can only diminishing over time and the price of a continuous effort of adaptation of our offer of goods and services.
The question of our competitiveness. Considered in terms of external results of our major partners, the France ranks a Honourable. The Germany, with a surplus of EUR 200 billion, is the exception. The United States, Britain, the Spain are two to three times more deficits than we. More disturbing is the trend of recent years, which seems to reflect a continued degradation of our results since 2003, last year of a decade where the France was regularly surplus or balanced. This trend degradation, which affects the industry (and our trade in services), is also observed among our partners, except, again, the Germany, whose surpluses fly.
The Germany is also the only one of the major developed countries, overall and deep, difficult and courageous, carried out reforms for the most part by Chancellor Schröder, has managed to restore its competitiveness and reduce its internal imbalances. In particular, public finances are now balanced and its cost competitiveness has recovered its level for five years. France, the public finance deficit remains close to 3 of GDP and our cost competitiveness has lost 13. Our identified structural problems of long date rigidities of any nature, lack of labour supply (weakness of the duration of labour and employment), fixed high costs, including expenditures and public levies occupy a place of choice, weigh on our global competitiveness.
Also need to challenge our companies that would be too timid, too-oriented, not enough mobile markets in a world in a profound change It is true that our SMEs are insufficiently active internationally. It is also true that the geographic structure of our trade does not get the best out of globalization. However, these handicaps have not prevented to achieve surpluses for ten years, from 1992 to 2002. It is of course desirable to tackle these disabilities, but cannot impose them a significant influence in the decline of market found in recent years.
There is instead a dynamism and performance of our businesses when they operate outside the hexagon from bases located abroad. In fact, French companies immersed in globalization show competitive capacity and performance that leave no doubt on the quality of their products and the efficiency of their management. Have the courage and lucidity to acknowledge that our disability international lodge in the hexagon and lie mainly in our macroeconomic imbalances, some cyclical deficits in public finances, increased production costs others structural: rigidities of the market; excess of regulations.
The trade deficit in 2007 is roughly equal to the sum of the deficits registered with the Germany and China (about 20 billion euros each). This shortcut reminds us that our major competitors are not emerging countries but economies developed, including our European partners, and our main markets of the future, those that will ensure growth, standard of living and purchasing power in France, those that should absolutely win, found in the emerging economies, mainly in Asia.
