France: No more reforms needed?

It is sometimes claimed that it is difficult to build an economic programme for the 2022 presidential elections in France since Emmanuel Macron has already carried out most of the reforms he had proposed to make: taxation of capital and companies, education, apprenticeship, vocational training, labour market, etc. In reality, it is clear that reforms still need to be carried out, in particular: Pensions, due to the abnormal weight of pension spending in France; Taxation, which is still negative for employment and investment in France; Education and training, as the employability of young French people remains abnormally poor; Government reform, given the abnormally low level of public sector productivity in France; Protection of the weakest (low wages, young people, the self-employed, holders of temporary employment contracts, etc.). France’s disadvantages in all these areas remain considerable.