But other uncertainties also call for attention. I would like to stress the importance of maintaining the credibility of fiscal consolidation. In this regard, avoiding any relaxation of the fiscal stance, as well as reducing the risk of any deficit slippage in the event of an unexpected growth slowdown are certainly key elements.
Moreover, with a view to external competitiveness, an explicit commitment on the part of the social partners to maintain wage developments in line with productivity increases is an important factor. More generally, France faces the same fundamental challenge as the other European economies.