Bayrou's plan: sparkling wine, not champagne

Yesterday, the French Prime Minister presented a budget adjustment plan intended to be a "moment of truth" for public finances. It contains some commendable but timid efforts to curb social spending and largely preserves businesses but, overall, it is irritating enough to dissatisfy everyone. If this plan is ultimately implemented, it will result in an increase in weekly working hours of 18 minutes and 22 seconds and a reduction in the civil service workforce of 0.05%. Wow! This plan is but a prelude, concluded the Prime Minister, without it being clear whether he had in mind a likely no confidence motion in his government in the autumn or a bond market storm. Or both.