Everyone becomes more cautious with their money when the economy underperforms, and it is common knowledge that jobs lag behind other indicators in a recovery.
According to his system of scoring these indicators, France and Germany both lag some way behind Britain and America in their treatment of minority investors, but have made improvements in the past year.
But growth has been going on for 30 months, and other indicators of recovery have been visible at least since the start of this year, so the lag is already unusually prolonged.