France declares economic emergency

PARIS (Web Desk) - French President Francois Hollande has declared economic emergency in the country.

He called ‘a state of economic emergency’ and says its time to redefine France’s economic and social model.

Hollande laid out a series of planned economic measures on Monday in an annual speech to business leaders to increase long-stagnant French growth and reduce constant unemployment.

The first measures he proposed are relatively modest, and he said they would not "put into question" the 35-hour workweek. He did not seek to assume any new emergency powers.

French President stressed the urgency of updating France's labor-friendly business model in a fast-moving, increasingly globalized and online economy.

The measures incorporated a loosening of some worker friendly measures to encourage companies to hire, and new training workers.