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Top four economies in Europe, Germany, France, Spain and Italy all saw their services PMI in March rise above flash estimate except for France. Moreover France's manufacturing PMI still hovering deep in negative territory.
France was granted three extensions to balance its budget within stipulated target of 3%, which has infuriated economies like Ireland, Slovakia, and Spain over preferential treatment.
- Today's release of February trade balance shows weaker Euro has so far failed to boost trade balance which still hovering deep in negative territory. Trade balance for February came at € -3.45 billion.
Now survey by OECD shows that structural weakness runs deep in France.
- Annual real GDP growth per capita, remains below 1% for the period of 1990- 2014. The number is weaker than Greece even.
- Government spending is also dismal. Public spending in France stands at 57% as of 2014 compared to 42% OECD average and 47% for Euro area average.
- France is the second largest economy in Euro zone after Germany, however unemployment rates remain close to 10% in France, while 6.4% in Germany.
Market will come back to haunt France at some point, should it fail to implement budgetary and labor market reforms. ECB's asset purchase will remain a temporary relief for the French bonds unless economic prospects improve.
Euro might keep facing the brunt of uneven recovery in the region and uneven implementation of reforms.
