By Daily Mail Reporter PUBLISHED: 12:02 EST, 20 November 2012 | UPDATED: 03:07 EST, 21 November 2012 Finance Minister Pierre Moscovici has insisted the government's plan to reduce unemployment and restore growth would bear fruit France's government has shrugged off the latest downgrade of its credit rating, saying that it just needs time for reforms to the sluggish economy to take root. In a setback for President Francois Hollande's Socialist administration, Moody's Investors Service stripped Europe's second largest economy of it of its prized AAA credit rating yesterday over concerns that its rigid labour market and exposure to Europe's financial crisis were threatening its prospects for economic growth.
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Moody's Investors Service stripped Europe's second largest economy of it of its prized AAA credit rating
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Second ratings downgrade to have hit France this year: Standard & Poor's agency lowered its score in January
Meanwhile, @placeholder has struggled to reassure economists that his attempts to revive the French economy will be successful.