The French consider themselves an exceptional lot. With much of the world's finest food, wine, landscape, architecture, literature and arts, it's hardly surprising.
But the French economic exception faces a reality check almost three years into the euro zone's sovereign debt crisis.
France's enduring ability to defy economic gravity - adding new taxes on top of one of the highest fiscal burdens in Europe, preserving short working hours, job protection, early retirement and generous welfare benefits - is about to be tested.
President Francois Hollande has promised to bring the deficit down to 3 percent of gross domestic product in next week's 2013 budget from a forecast 4.5 percent this year.
Unlike many European peers, he plans to achieve two-thirds of the adjustment by raising extra revenue, despite a virtually flat economy, and less than a third by freezing public spending in nominal terms.
Public spending accounts for 56 percent of French GDP, the highest level in Europe except for Denmark.
The French are bipartisan big spenders. The debt and deficit rose most under conservative presidents Jacques Chirac and Nicolas Sarkozy.
From Germany to China, leaders are fretting over France's inability or unwillingness to embrace reforms widely implemented elsewhere to make its economy more competitive.
Where others are slimming down the public sector and selling off state assets, Hollande aims to keep the size of the five-million-strong civil service constant, hiring more teachers and policemen but whittling down the armed forces.
Read more: http://www.reuters.com/article/2012/09/17/us-eurozone-france-idUSBRE88G06V20120917
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