OPINION: The problem with Emmanuel Macron's reform plan is it makes both sides anxious.
The French government tried this week to defuse the threat of a massive, prolonged strike over its planned but yet-unknown pension reform, by making a few concessions to public-sector unions. Considering the reactions, that is unlikely to mollify opponents. This doesn’t bode well for President Emmanuel Macron, who has made passing the plan a test of his reform agenda.
The French system is, however, complicated by the variety of special pension schemes for some industries or professions, from train conductors to self-employed businesses. There are also the differences between the pension benefits of public- and private-sector employees. The irony, as the Macron-friendly economists noted, is that the president didn’t even have to deal with the financial problem for now. The ratio of pension spending to GDP has been stable, at 14% of GDP, when adding together public and private schemes. That is significantly higher than in countries such as the U.K. , Germany or even the U.S. . But it is still being funded for now, and there is no immediate financial emergency requiring an urgent intervention of the state.
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