French president declares economic emergency

Hollande stressed urgency of updating France's labor-friendly business model in a fast-moving, increasingly globalised and online economy.

Paris

: French President Francois Hollande has declared what he called \"a state of economic emergency\" and says it's time to redefine France's economic and social model.

Hollande laid out a series of proposed economic measures on Monday in an annual speech to business leaders to boost long-stagnant French growth and reduce chronic unemployment.

The first measures he proposed are relatively modest, and he said they would not \"put into question\" the 35-hour workweek. He did not seek to assume any new emergency powers.

Hollande stressed the urgency of updating France's labor-friendly business model in a fast-moving, increasingly globalized and online economy.

The measures included a loosening of some worker-friendly measures to encourage companies to hire, and new training for half a million workers.