A systematic approach to attract skilled labour from abroad would help cushion the impact of an ageing society on the labour market. In any case, Germany has to accept that fewer workers might be at its disposal in the future. Thus, it will be all the more important for those workers to be trained as well as possible.
The solution is to increase competitiveness, as foreseen by the government. France has asked for more time to reduce its deficit: does it risk being punished by the markets? Europe has high expectations of France, because France is the euro area’s second largest economy. The euro area needs a strong France.