ALPBACH, Austria (Reuters) - France needs to do more to revamp its economy although it has made progress, European Commissioner for Economic and Monetary Affairs Olli Rehn said on Thursday.
“France has taken action to reduce labour costs, it’s going in the right direction, but evidently it has to do more, and we are currently studying the present pension reform,” he told a panel discussion at an economic conference.
French workers and companies will pay more into public pensions over a longer period of time under long-awaited proposals to reform the indebted scheme announced by the government on Tuesday.
Rehn said plans for Europe’s banking union were on track, adding the Commission’s view was that adopting a system to wind down ailing banks did not require changes to EU treaties, as Germany has suggested.
Reporting by Michael Shields and Georgina Prodhan; Editing by Toby Chopra