“IMF warns, no growth without reforms,” announces Le Figaro in the wake of the August 5 publication of the monetary institution’s annual report on France.

Although the IMF has confirmed that “the [French] economy is in a recovery phase,” it nonetheless believes that a return to real growth has been hampered by a lack of “confidence and competitiveness”.

With this in mind, the international organisation has recommended that the French government accelerate the pace of structural reforms. In particular, it has called for pensions reform, more far reaching changes to the labour market, and opening up goods and services markets to greater competition.

The IMF also believes that France should opt for a slower deficit reduction and more active support for what remains a timid recovery.