-French President Francois Hollande
Despite record high unemployment, anaemic growth at best and struggling to grow manufacturing sector, French President Francois Hollande is sure that the sovereign debt crisis, which has gripped the region over the past four years, is over. He claimed for greater integration of the 17-member economy that has the single currency in circulation and assured that authorities are developing tools, such as banking union and budgetary rules that will allow reaching greater stability and solidarity. Hollande also pledged to create more jobs at home, as French jobless rate climbed to the highest level in 15 years. His comments come as German Chancellor Angela Merkel sounded a more cautious note, urging Eurozone countries to carry out more structural reforms.
Also Monday, the National Institute of Statistics (INSEE) showed that industrial and manufacturing production in France accelerated in April. The nation's industrial output jumped 2.2% in April on a monthly basis, after falling a revised 0.6% in March, and outpacing analysts' estimations, which called for a 0.3% gain. France's manufacturing production expanded 2.6% in April, after recording a 0.7% drop in the prior month. Data also showed that business activity improved in May, however, it still remains in contraction territory.
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