What is the most urgent economic policy in France?

France is suffering from a combination of: Falling productivity; A low employment rate. The result is a chronically low level of production and tax revenues. If economic policy is aimed solely at limiting the fiscal deficit by reducing public spending, since it is easier to cut spending on the future than other spending, it is very possible that the productivity and employment rate situation will fail to improve. The economic policy approach that seems to be effective is to change the structure of public spending, by curbing welfare spending and increasing investment spending, spending on the future. We also need to explain to investors that this change in the structure of public spending will be positive for productivity and employment in the medium term, and will therefore ease the fiscal constraint. Of course, cutting welfare spending (pensions, health care , housing, etc.) will be difficult and unwelcome, but there is no other solution to France's fiscal problem.