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Airbus veteran advises France on reviving economy

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[November 05, 2012]  PARIS (AP) -- Former Airbus boss Louis Gallois is presenting dozens of prescriptions for the ailing French economy to the government, including a recommendation that it reduce payroll taxes for companies.

Gallois, who used to run defense and aerospace giant EADS, Airbus' parent company, says France needs a "competitiveness shock, that is, a confidence shock."

France's economy has been on a long slide into stagnation, and the global slowdown and Europe's debt crisis have exacerbated the problem. Economists say France has to act quickly to reduce the tax burden on companies, cut red tape that holds back innovation and overhaul labor laws that heavily protect employees.

To that end, Gallois called Monday for a new social compact between companies and unions -- whose relations are particularly acrimonious in France.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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