Latest news with #Francois Bayrou
Bloomberg
a day ago
- Business
- Bloomberg
Work More to Earn Less: France's New Revolution
There's been only one topic of conversation in the brasseries of France this week: Prime Minister Francois Bayrou's proposal to scrap two of three public holidays in the month of May to contain the spiraling budget deficit. In the land of the 35-hour work week, this is tantamount to treason. Most of the public seems to hate it, unions have called it a declaration of war and the far right has called it a provocation. The outrage is a little overdone. Knocking off two public holidays would leave the French with nine, which looks positively Germanic — until you add their 25 paid vacation days, which gets France in almost the same ballpark as Spain. (And no need to mention the extra days that many private-sector workers get for working more than 35 hours.) And while there's been plenty of gnashing of teeth at Bayrou's description of the month of May as 'gruyere' cheese — full of holes — it's kind of true. France is a place where the calendar is a Sudoku puzzle to find the ideal combo of holidays and vacation; this year, it's been possible to strategically place five days' vacation and get 32 days off.
Yahoo
2 days ago
- Business
- Yahoo
YAHOO POLL: Does cutting public holidays help boost the economy?
French prime minister, Francois Bayrou has made headlines for his plans to cancel two public holidays as part of radical measures to reduce France's ballooning deficit, boost its economy and manage debt. Bayrou has suggested scrapping Easter Monday and 8 May (a day commemorating the end of World War II in Europe) which would leave France with nine national holidays. The French PM believes two extra days of working would add "several billions of euros" to the country but the proposition has been met with fierce criticism from the political left and far right – and calls for Bayrou to face another no-confidence vote. Other polls YAHOO POLL: Do you neglect your health for your career? YAHOO POLL: Is it fair to ban cyclists from pedestrian-only paths? YAHOO POLL: Are you excited to watch James Gunn's 'Superman' film? But it has also gained some support. An opinion piece in The Telegraph urged Britain's chief financial minister Rachel Reeves to reconsider national holidays in the UK. "Our debt level is dangerously close to 100% of GDP (in France it's 110%) and we too have a serious productivity problem and every reason to worry about the sustainability of our public finances," wrote Jill Kirby in the piece. Bayrou's idea is that working two extra days will generate more revenue for the government but economic studies suggest it won't be as simple as that. In fact, there are also studies which conclude that leisure – or an increase in public holidays – can act as an economic boost, up to a certain point. So, we want to know: Does cutting public holidays help boost the economy? Related French PM may scrap two public holidays to reduce country's crippling debt French PM proposes cutting national holidays to cut debt France in revolt over PM's proposition to abolish two public holidays as part of budget cuts France is getting something right: let's scrap a few Bank Holidays Analysis-France's plan to cull public holidays may not help the economy
Zawya
2 days ago
- Business
- Zawya
France's plan to cull public holidays may not help the economy
FRANKFURT - The French government thinks the country has too many days off for its own good, but its proposal to cull some public holidays may not produce much of an economic benefit. Prime Minister Francois Bayrou has proposed scrapping two of the country's 11 public holidays as part of a deeply unpopular emergency plan to plug a budget hole. In his sights is Easter Monday and one of four bank holidays in May, a month Bayrou compared to Gruyère cheese for its many holes. Bayrou's idea is that working two extra days will generate more economic output and therefore revenues for the government. Recent experience from elsewhere and various economic studies suggest it won't be as simple as that. In 2023 Denmark abolished Great Prayer Day, a Christian holiday that fell on the fourth Friday after Easter and dated back to 1686, to great popular discontent. On the surface, the sacrifice paid off. The number of hours worked by the average Dane fell by less than in previous years, according to Danske Bank. Yet when it comes to economic output, which is what matters for public finances, the impact of the extra day was tiny at between 0.01% and 0.06%, according to IMF estimates. France's statistical agency INSEE put the boost to GDP of Bayrou's proposal at a similarly negligible 0.06%. This is because time off is not all bad. Of course it slows down production, particularly for manufacturing companies. But it is also considered key for mental and physical health, and typically proves a boost to sectors like tourism. LEISURE CAN BE AN ECONOMIC BOOST In fact, economic studies find that output increases along with the number of national holidays - but only up to a point. One study of 101 countries by the Centre for Future Labour Market Studies in Malaysia put that sweet spot at nine or 10 public closures in a year. "As the number of public holidays increases, initially economic growth increases, but after some optimal point, when the number of public holidays increases further, economic growth starts to decline," the researchers said in the 2023 study. The exact number may depend on the make-up of a country's economy. A study of the Italian economy, which like the French is dominated by services and has on average 12 public holidays in a year, found that economic output did not vary or even slightly increased in years with more closures, indicating it was close to its own sweet spot. "Companies have fixed production targets and work around holidays," said author Francesco Maria Esposito, an assistant professor at the Birmingham Business School. The situation was similar in Germany, where the calendar is set by the 16 states and ranges from 10 to 13 holidays. The Dusseldorf-based Macroeconomic Policy Institute (IMK) found that German states that introduced a public holiday more often than not experienced stronger economic growth than those that cut one. "The equation 'fewer holidays equals more growth' simply does not hold up," said Sebastian Dullien, IMK's scientific director. Portugal scrapped four public holidays at the height of its debt crisis in 2012 -- only to reinstate them four years later. (Additional reporting by Maria Martinez in Berlin and Leigh Thomas in Paris Editing by Mark John and Frances Kerry)
Khaleej Times
3 days ago
- Business
- Khaleej Times
Which country gives the most public holidays in the world and how does UAE fare?
Halfway across the world, a recent political proposal has been making the headlines, after French Prime Minister Francois Bayrou on July 15 proposed to cut two public holidays to drive economic growth as part of a plan to overhaul the country's debt-laden finances. The proposal has stirred outcry in the European Union's second-largest economy, and resurfaced memories of a toppled predecessor, who tried to do something similar and soon found himself out of a job. "The entire nation must work more — to produce, to increase overall national activity throughout the year, and to improve France's situation," Bayrou said. "That's why I propose the removal of two public holidays." With the latest proposal bringing public holidays in focus, here is an overview of these holidays around the world, starting with the country offering the most to the least off days. Nepal: Nepal has the highest number of public holidays in the world with 35 days annually. Other countries with a high number of public holidays include India, Colombia and Philippines, with around 18 public holidays each. Among European countries, Slovakia has the most public holidays in Europe with 15 days. United States: While the actual number of holidays varies across its states, the United States recognises 12 federal holidays. According to data from the European Employment Authority EURES, the Netherlands and Denmark sit at the bottom of the count among European countries with nine days each. France has 11 nationwide public holidays according to the EURES, which covers data from the European Union as well as Iceland, Liechtenstein, Norway and Switzerland. England and Canada, with fewer than 10 days a year, are among the countries with the least public holidays. How does the UAE fare? Across different nationalities and careers, public holidays ring a familiar bell for all UAE residents, one that comes with the image of outdoor picnics, cruising through wadis, major mall sales, rejuvenating resort trips and mainly, spending time with family and friends while being away from work. In the UAE, residents enjoy up to 13 days of public holidays every year, which differ on the basis of whether Ramadan last 29 or 30 days, with the government giving a day off on the 30th day of Ramadan. Here are the public holidays for 2025: Gregorian New Year: 1 January (1 day) Eid Al-Fitr: From 01 to 03 Shawwal (3 to 4 days) Arafa Day: 9 Thu Al-Hijjah (1 day) Eid Al-Adha: From 10 to 12 Thu Al-Hijjah (3 days) Hijri New Year: 1 Muharram (1 day) Prophet's Birthday: 12 Rabi' Al Awal (1 day) National Day: From 2 to 3 December (2 days) France's proposal Bayrou, a long-time debt hawk who is fighting for his political survival, made the headline-grabbing proposal on Tuesday, when he outlined a series of deficit-reduction measures worth 43.8 billion euros ($50.88 billion) next year aimed at lowering France's debt. His idea is not without precedent. In 2003, just months after a heatwave that killed nearly 15,000 people, then-Prime Minister Jean-Pierre Raffarin announced a plan to scrap the Pentecost Monday holiday and replace it with a "day of solidarity." Pitched as a form of civic duty to finance aid for the elderly who had been disproportionably affected by the heatwave, employees would work for free while employers would also contribute. The measure, rolled out in 2005, was a disaster. Some offices and schools shut; others remained open. Some workers got paid; others didn't. Strikes and protests soon followed. "It has become a social and political mess," newspaper Le Monde wrote in an editorial at the time. Two weeks later, the day after voters rejected a referendum on the European Union constitution, Raffarin resigned.
Yahoo
3 days ago
- Business
- Yahoo
Analysis-France's plan to cull public holidays may not help the economy
By Francesco Canepa FRANKFURT (Reuters) -The French government thinks the country has too many days off for its own good, but its proposal to cull some public holidays may not produce much of an economic benefit. Prime Minister Francois Bayrou has proposed scrapping two of the country's 11 public holidays as part of a deeply unpopular emergency plan to plug a budget hole. In his sights is Easter Monday and one of four bank holidays in May, a month Bayrou compared to Gruyère cheese for its many holes. Bayrou's idea is that working two extra days will generate more economic output and therefore revenues for the government. Recent experience from elsewhere and various economic studies suggest it won't be as simple as that. In 2023 Denmark abolished Great Prayer Day, a Christian holiday that fell on the fourth Friday after Easter and dated back to 1686, to great popular discontent. On the surface, the sacrifice paid off. The number of hours worked by the average Dane fell by less than in previous years, according to Danske Bank. Yet when it comes to economic output, which is what matters for public finances, the impact of the extra day was tiny at between 0.01% and 0.06%, according to IMF estimates. France's statistical agency INSEE put the boost to GDP of Bayrou's proposal at a similarly negligible 0.06%. This is because time off is not all bad. Of course it slows down production, particularly for manufacturing companies. But it is also considered key for mental and physical health, and typically proves a boost to sectors like tourism. LEISURE CAN BE AN ECONOMIC BOOST In fact, economic studies find that output increases along with the number of national holidays - but only up to a point. One study of 101 countries by the Centre for Future Labour Market Studies in Malaysia put that sweet spot at nine or 10 public closures in a year. "As the number of public holidays increases, initially economic growth increases, but after some optimal point, when the number of public holidays increases further, economic growth starts to decline," the researchers said in the 2023 study. The exact number may depend on the make-up of a country's economy. A study of the Italian economy, which like the French is dominated by services and has on average 12 public holidays in a year, found that economic output did not vary or even slightly increased in years with more closures, indicating it was close to its own sweet spot. "Companies have fixed production targets and work around holidays," said author Francesco Maria Esposito, an assistant professor at the Birmingham Business School. The situation was similar in Germany, where the calendar is set by the 16 states and ranges from 10 to 13 holidays. The Dusseldorf-based Macroeconomic Policy Institute (IMK) found that German states that introduced a public holiday more often than not experienced stronger economic growth than those that cut one. "The equation 'fewer holidays equals more growth' simply does not hold up," said Sebastian Dullien, IMK's scientific director. Portugal scrapped four public holidays at the height of its debt crisis in 2012 -- only to reinstate them four years later. (Additional reporting by Maria Martinez in Berlin and Leigh Thomas in ParisEditing by Mark John and Frances Kerry) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
