riennevaplus 5pts That the Euro is "a weak DM" is not news. Germany is the industrial heart of Europe (manufacturing) and thanks to the weakness of the EUR there has been less loss of competitiveness than would be the case under DM independence. The Swiss and Japanese cases are testimony to this. But all of Germany's satellites (France included) benefit from this, or rather could have benefited if they had controlled domestic wage dynamics better. The Nordics and Benelux countries have shown that it is possible to keep up with (or even exceed, Holland has a greater per capita trade surplus than Germany) the Germans. Spain is showing that reforms and austerity can boost productivity.The problem with mr Macron and his buddies is that they believe that the State has both the power and the responsibility to intervene in the economy to achieve employment and living standards results that markets would not provide. France has too much leisure and too many benefits and indeed under a quasi gold standard regime like the EUR, the only way to keep up with competitors is to be as productive or have lower labor unit costs. You cannot have your cake and eat it. Of course, if France still had an independent (freely floating) currency the adjustment via the labour channel could have been avoided by deliberately letting the currency depreciate. That is the populist's way and it does nothing to build a strong, productive industrial base and a population that accepts the outcome of markets rather than pie in the sky politicians' promises.