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© 2000 International Monetary Fund

November 2000

IMF Staff Country Report No. 00/147

France: 2000 Article IV Consultation—Staff Report; Supplement to the Staff Report; and Public Information Notice Following Board Consultation

As required under Article IV of its Articles of Agreement, the International Monetary Fund conducts periodic consultations with its member countries. In the context of the 2000 Article IV consultation with France, the following documents have been released and are included in this package:

  • the staff report for the 2000 Article IV consultation, prepared by a staff team of the IMF, following discussions with officials in France on economic developments and policies that ended on July 10, 2000. The staff report was completed on September 22, 2000, based on information available at that time. The views expressed in the staff report are those of the staff team and do not necessarily reflect the views of the Executive Board of the IMF.

  • a supplement to the staff report prepared by IMF staff reflecting new information and/or developments and policies since the consultation discussions that may affect the staff appraisal or the outlook.

  • the Public Information Notice (PIN), which summarizes the views of the Executive Board as expressed during the October 27, 2000, Executive Board discussion of the staff report that concluded the Article IV consultation.

A Selected Issues report prepared by IMF staff as background to the Article IV staff report has been released separately.

Further background documentation prepared by IMF staff for the consultation may be published separately at a later date. The policy of publication of Article IV staff reports and PINS allows for the deletion of market-sensitive information.

The Article IV staff report is published—both in hard copy and on the IMF’s website (—as part of a pilot project.

Copies of this report are available to the public from

International Monetary Fund • Publication Services

700 19th Street, N.W. • Washington, D.C. 20431

Telephone: (202) 623 7430 • Telefax: (202) 623 7201

E-mail: • Internet:

Price: $15.00 a copy

International Monetary Fund

Washington, D.C.

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Staff Report for the 2000 Article IV Consultation

Prepared by the Staff Representatives for the 2000 Consultation with France

Approved by Michael Deppler and Leslie Lipschitz

September 22, 2000


  • I. Introduction and Overview

  • II. Policy Discussions: Promoting Continued Growth

    • A. Overview

    • B. The Economic Outlook

    • C. Fiscal Policy and the 2001-2003 Stability Program

    • D. Medium-Term Public Expenditure Control

    • E. The Tax-Benefit System: Strengthening Incentives to Employment

    • F. Other Issues

  • III. Staff Appraisal

  • Figures

  • 1. Output and Labor Market Developments

  • 2. Monetary Conditions

  • 3. Measures of Slack

  • 4. Evolution of Prices

  • 5. Expenditure Paths

  • 6. The Burden of Government in the Euro Area, 1999

  • Tables

  • 1. Main Economic Indicators

  • 2. Sources of Employment Growth, 1997-2000

  • 3. Medium-Term Outlook for the Public Finances

  • 4. Deficit Reduction Scenarios

  • 5. Vulnerability Indicators

  • Text Boxes

  • 1. A Continued and Job Rich Cyclical Upswing

  • 2. The Implementation of the 35-Hour Work-Week

  • 3. The New Economy and France

  • 4. The 2001-2003 Tax Reduction Plan

  • 5. Poverty and Unemployment Traps in France

  • Appendices

  • I. Statistical Information

  • II. Fund Relations

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Staff Report for the 2000 Article IV Consultation

Supplementary Information

Prepared by the European I Department

(In consultation with the Policy Development and Review Department)

Approved by Michael Deppler and Leslie Lipschitz

October 25, 2000

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Public Information Notice (PIN) No. 00/95


November 13, 2000

International Monetary Fund

700 19th Street, NW

Washington, D. C. 20431 USA

France: Staff Report for the 2000 Article IV Consultation
Author: International Monetary Fund