“The chief executives of top firms including Peugeot Citroën, EADS, Sanofi and Publicis signed a joint letter to Les Echos, complaining that France is being suffocated by high taxes and an over-regulated system that is no longer fit for purpose. The group called for a radical shake-up of labour markets to let each firm set its own working hours, and a ‘coherent’ energy policy to bring down costs from current ruinous levels. Gas prices are three times as high as in the US. Christophe de Margerie, head of the energy giant Total, said France’s outdated welfare model is draining the economy’s life-blood.”
