France

French Central Bank Governor Backs Socialist President's Tax Proposal

Francois Hollande's proposal to cut the charges companies pay for family benefits could save those companies $41 billion by 2017

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France can revive its competitiveness and growth if it quickly presses ahead with reforms proposed by President Francois Hollande, its central bank governor said on Thursday.

The Socialist leader pledged on Tuesday to cut the charges companies pay to fund family benefits, easing their tax burden by 30 billion euros ($41 billion) by 2017 at the latest, provided they ramp up hiring.