Structural and labor market reforms underway in France will help ensure that the Group of 20 meets the goal set out in February of boosting global growth by two percentage points within five years, Michel Sapin, the country's finance minister, told CNBC at the G-20 meeting in Australia on Sunday.
"The first thing [we must do] is… ensure that growth in 2014 and 2015 is higher… within the European framework," he said. "We will also put in place structural reform that will provide more capacity for businesses in terms of investment for employment, for margins to be larger, and we are substantially reducing taxation and actual contributions over a period of four years."
"The second reform we're taking at this stage is labor market reform," he said. "Negotiations with representatives of the unions and employers [will] ensure that there's more flexibility at the same time as maintaining a certain level of safety for workers, in particular the workers that may be made redundant, in part with a training scheme that would allow them to find work again in good conditions."
Sapin is confident that G-20 will reach its growth target as "considerable work has already been put in place by all member countries".