Although some steps have been taken to free up the labour market, it remains a daunting task to set up a new business in France and take on staff.

BBC: EU austerity: No quick fix for Spain

The second stage will, as the special committee gets set up and begins to take on the task of putting forward a proposal -- we obviously believe that -- and I think most people believe that the issues that remain to be addressed here are entitlement reform and tax reform.

WHITEHOUSE: Press Briefing