France FinMin Worried About Economy But Hopeful about 2H 2013

France is in a worrying situation, the country’s finance minister told CNBC, but growth will return in the second half of the year as measures to stimulate job creation bear fruit.

“We are also now in a recession, or a stagnation in our country,” Pierre Moscovici told CNBC at the G-20 meeting of finance ministers in Moscow this weekend. “When I look at the figures, I see that we are in a situation which is worrying. I’m a finance minister, I am attacking it. But when I compare to the euro zone, we are in better shape.”

France’s economy contracted by 0.2 percent in the first quarter of 2013, the country’s national statistics agency INSEE reported in June, confirming fears that the country had entered recession. The Bank of France forecast growth of 0.2 percent in the second quarter of 2013, however.

France has been accused of being slow to implement reforms, an accusation Moscovici rejected.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza