Word: fitoussi
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...year in Germany, declining growth and higher expenditures on things like unemployment meant the government ran a federal budget deficit of 3.7%. This year, in order to comply with an order from Brussels to clean up its fiscal act, Germany has raised taxes. "It's stupid," says Jean-Paul Fitoussi, president of the Observatoire Français des Conjonctures Economiques, an economics think tank. "How can a country with zero growth implement a restrictive budget...
...defense. But if he keeps his promises, it will be impossible for France to toe Brussels' line. In the past, Chirac has had a major economic force pulling in his favor - French consumers, whose spending could qualify as patriotic. It's a resilience not unique to France, though. Says Fitoussi: "What we're seeing in the O.E.C.D. economies is the stagnation and decline of investment. The only thing that's prevented U.S. and European economies from nose-diving has been the strength of consumer spending." In France, the consumer outlook has held steady. But spending in November declined 1.7% from...