France spends 14% of GDP on public pensions. That is nearly double the OECD average. By 2030, the deficit in the French pension system will reach 14 billion euros. France simply can't afford to keep paying for all of this. So clearly these reforms central to Mr Macron's presidency now.
Fixing the complex, creaking pension system remains central to President Emmanuel Macron’s agenda of reforms. But leaving it alone is central to French identity—so workers are striking, again, in huge numbers. Our correspondent lays out why 2023’s first earnings season is so gloomy. And America is providing more legal protections for polyamorous “throuples”.
For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer