- Francois Hollande, President of France
French President Francois Hollande declared "a state of economic emergency" to combat persistently high unemployment rate and increase his chances of re-election next year. Hollande pledged to redefine the nation's business model, unveiling a 2-billion euro plan to boost employment. Hollande's proposals include deregulation aimed at an encouraging companies to take on new workers, a bonus of 2,000 euros to small firms that hire young people, as well as training schemes for half a million people. Hollande's Socialist government has struggled to underpin French growth or lower chronic unemployment, which has remained around 10% for years. Since 2012, when Hollande assumed leadership, more than 600,000 people have joined the ranks of the unemployed. France recovered from three-year long stagnation last year, with economic growth of more than 1%, which appeared to insufficient to absorb young graduates seeking to enter the job market.
Meanwhile, Italy, the Euro zone's third biggest economy, posted a trade surplus with the rest of the world of 4.409 billion euros in November, compared with 3.422 billion euros a year ago. The Italian economy is likely to grow 1.5% this year, driven by domestic demand, according to the European Commission.
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