DAY 270 - PARIS TO ECOUEN: 11.9 MILES (23,800 STEPS)

Tuesday 17 January, 2012

11.9 miles (Total: 2581.4 miles) – 23,800 steps (Total: 5,831,001 steps) 

I had arrived in Paris just as France’s sovereign debt was being downgraded by ‘Standard & Poors’. I felt a little responsible as I wondered whether S&P had mistakenly incorporated my credit card debt to the overall total without realising that I was just passing through. Anyway, there was much handwringing in the French Capital over the decision. This was partially because it is presidential election time, and the ‘downgrade’ was a gift to political campaigners for the French Socialist Party. There is a certain silliness that surrounds the ratings of sovereign debt and perhaps therein lies an opportunity for a new, non-US agency to emerge.

I say silliness because the French economy is truly remarkable. When one considers the burdensome bureaucracy that exists here vis-a-vis the UK and the US as well as the fact that, with respect, the French work substantially fewer hours on average vis-a-vis the US and the UK, it is impressive that the French economy is still the fifth largest in the world, and about 10 percentage points greater than the UK in nominal terms. Of course the French population is about 10% higher than the UK (around 65 million), but the land they occupy is twice as large as the UK and offers a more favourable climate for agriculture production and tourism. All in all, French productivity per hour worked is greater than that of Germany and significantly greater than that of the UK.

So when lazy journalism tries to paint a picture of France as a strike ridden, work-shy, basket-case economy in the same batch as Greece, they should at least pay their readers the courtesy of referring to a few of the facts. Of course, one of those facts is that should France deregulate her economy, reduce non-wage labour costs, and marginally increase working hours, they could soon be the largest and most competitive economy in Europe. I suspect that the French know this but instead believe that the true purpose of work is not to maximise economic return, but instead to enjoy it. During my two months of walking through their towns and villages, I think the French seem to do rather well at enjoying themselves. Perhaps for that very reason, when I passed a giant sign on the side of a building in St Denis declaring ‘No hope left’, it was in English rather than French.