Here is the synopsis of our sample research paper on France’s Difficulty in Meeting the Convergence Criteria for the Single European Currency. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 3 page paper considers the difficulties that were faced by France when trying to meet the convergence criteria ready to join the single European currency. The paper looks at the problems and the proposed solutions as well as the difficulties in implementing the solutions. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEfraneu.rtf
Buy This Term Paper »
Unformatted sample text from the term paper:
a successful single European market, However, for some the ability to meet the convergence criteria was more challenging than other. France had great difficulty in reaching some of the criteria.
It has even been argued that France only met the criteria with the aid of some creative accounting (Kaletsky, 1998). The problem in France was the public spending levels
exceeding the 3% budget deficit required for membership of the single currency. The issue of debt was theoretically not a problem, as the figures in 1996 revealed that the debt
level was already within the region of the required 60% of GDP (Pitruzzello, 1997). However, even this was a controversial finding; debt will usually mean all government ,liabilities. France, unlike
the UK and other countries, did not include some future liabilities in the debt figure, including the future liabilities for pensions, and this may be argued as falsely decreasing the
real liability level. The main problem in France was the public spending deficit, which was in excess of the required 3% and drastic action had to be taken to
reduce this deficit. The problems faced by France when seeking to deal with this were not purely financial, but also social, as were cuts are made in public spending there
will always be a social impact. The deficits reached a crisis point in 1993 (Pitruzzello, 1997). The first attempt was to reform the generous pension schemes, headed by Jacques Chirac
in 1995 this was defeated by the unions (Pitruzzello, 1997). When Juppe took over he had a plan to reform the budget which relied on four main areas designed to
cut the deficit by decreasing spending and increase jobs to relieve the unemployment which was over 10% (Pitruzzello, 1997). The first proposal was to freeze the public sector employees salaries
...