French Ambassador: Structural Reform Key To Ending Europe's Debt Crisis
by: Andrew Schneider, March 16, 2012 9:03:00 am
Ambassador Delattre spoke on the economic partnership between France and the U.S., as well as on France’s role in the management of the euro zone’s debt crisis.
Delattre said the recent deal to write down Greece’s debt won’t in itself be enough to bring the crisis to an end. What’s required, he said, is structural reform to promote entrepreneurship and innovation.
“Over the last year, in my country, we founded 650,000 new businesses. It’s a record high in Europe, by far. And it says a lot about the fact that we were able, in France — but it’s also true, I’m sure, in other European countries — to severely, seriously cut the red tape, so that today, in my country, for example, you can start a business in fifteen minutes online.”
Delattre described cross-investment as the backbone of the Franco-American economic partnership. He noted France is the third-largest foreign investor in Texas, with 200 French companies supporting 50,000 jobs.