Courtesy of Mish.
Hollande Risks Vote of Confidence
French President Francois Hollande took an unusual step today of passing law by decree, with no parliamentary vote.
Article 49.3 of the French constitution allows that, but doing so runs the risk of a no-confidence vote and dissolution of the government should the vote of confidence fail.
49.3 would seem to be an easy choice but it was last used 9 years ago.
Business-Friendly Legislation
It's amusing what France considers "Pro-Business." The reforms include increasing the number of Sundays that shops can stay open from five to twelve and deregulation of notaries.
Please consider French Government Overrides Parliament to Ram Through Reforms
French president François Hollande took drastic action on Tuesday to ram through a package of business-friendly economic reforms, overriding parliament to stamp out a rebellion within his own ruling Socialist party and avert a government crisis.
The move underlined Mr Hollande’s determination to implement reforms intended to kick-start France’s sclerotic economy and which have been demanded by his European partners as the price for delaying the reduction of the country’s budget deficit.
The lack of parliamentary support for flagship measures is likely to ring alarm bells in Berlin and Brussels as concerns grow that the political tide in the eurozone, led by Greece, is turning against essential economic reforms and tough budgetary discipline.
The centre right opposition UMP party led by former president Nicolas Sarkozy said it would call a vote of confidence in response to the emergency action. Mr Hollande was gambling that the Socialist rebels would fall back into line in a confidence vote to ensure the survival of his government.
When it became clear on Tuesday morning that Manuel Valls, the reformist prime minister, could not be certain of winning a vote on the reform law, Mr Hollande convened an emergency ministerial meeting at the Elysée Palace. A rejection would have sent the wrong signal to the European Commission, a week before deciding whether to fine Paris for missing its deficit target….
