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Productivity and competitiveness in the euro area: A view from France

Blanchard, Olivier et. al., (2019)”Productivity and competitiveness in the euro area: A view from France“, Vox CEPR Policy Portal, July

In September 2016, the European Council invited all euro area members to set up a National Productivity Board to focus on productivity and competitiveness. This column summarises the main findings of the first report of the Conseil National de Productivité, which analyses the causes of the French productivity slowdown that are common to other OECD countries and those that are specific to France. It also proposes a definition of competitiveness that should be useful for euro area macroeconomic policy debates and explains why current account imbalances in the euro area are both a sign of deficient adjustment mechanisms and a cause of concern.

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