Sarkozy signs the law: French retire at 62, not 60

Simon Tilford, chief economist at the Centre for European Reform in London, says Sarkozy "had no choice" other than to get the reform through because otherwise France's - and his - credibility would have suffered. "For anyone outside of France, this looks like a pretty modest move forward ... Other EU countries are moving much much more rapidly" on pension reform. France has the highest life expectancy in Europe but still one of the lowest retirement ages, prompting Tilford to predict that retirement issues will come up again before markets believe that France has its finances in order. "A retirement age of 62 is still far far too low," he said.