PARIS: France can and must do more to reduce the country's record level of unemployment, Bank of France governor Francois Villeroy de Galhau told Ouest-France newspaper in an interview published on Wednesday.
Villeroy de Galhau, who is also a European Central Bank Governing Council member, said certain reforms already undertaken such as the responsibility pact and the "CICE" tax breaks to boost competitiveness went in the right direction.
"France can and must do better to eliminate unemployment," he was quoted as saying. "But unemployed and young people don't have time to wait for various political timetables. That's why it's necessary to keep going with a certain number of reforms like labour costs, for example."
He said European governments including France were regularly reminded of the need to "expand reforms".
He added that France's banks were "twice as solid" now as before the financial crisis.
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