Economic emergency declared in France

French President Francois Hollande has announced what he called "a state of economic and social emergency" involving a €2 billion plan to revive hiring and catch up with the world’s economy.

"Due to the threat of terrorism in the past, we had to introduce a state of emergency. But amid global chaos and an uncertain economic environment, it’s appropriate to talk about a state of economic and social emergency. Employment is the most important question after the security of French citizens," TASS quotes Hollande as saying.

According to AP, in his annual speech to business, Hollande announced plans for training half a million jobless workers, greater use of apprenticeships, and €2,000 aid for small businesses that hire young workers.

“New economic powers are rising, the digital economy is rapidly developing, we have to rethink our economic and social model," said the President.

Hollande's socialist government has been failing to boost long-stagnant French growth or cut chronic unemployment, which has been about 10 percent for a long time. One of the key milestones of his presidential program of 2012 was to cut the unemployment. Hollande’s chances for a second term may depend on his ability to create jobs.