FX.co ★ Lagarde welcomes Macron’s ambitious reform proposals

The young and ambitions French President makes new friends easily. One of them became IMF Director Christine Lagarde. She supported reforms proposed by Emmanuel Macron.

After a meeting with the IMF Director, where key macroeconomic events were discussed, Macron unveiled the blueprint for reforms and pointed out that it is the best time for their implementation. In connection with that, Ms. Lagarde welcomed the ambitious reforms put forward by the French government and aimed at addressing economic problems, the IMF press release said. The most important reforms are certainly five decrees on reforming the labor law that were already signed by the President. Changes in the labor market are the first and the most massive economic reforms during Macron’s presidency. Christine Lagarde highly appreciated the work done and pledged to provide support from the IMF.

Remarkably, the President’s decision is not a sacred cow. The French leader discussed the reform proposals with trade unions before signing them, as the changes will influence the discharge payment rules that were thought to be unjust. Besides, the reforms will give companies more freedom to hire and fire employees and accept working conditions.