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French Finance Minister Christine Lagarde said the new package of reforms would add 50,000 jobs and boost each household's spending power by $1,565 per year, the Financial Times reported.

The reforms gives manufacturers and retailers more options for pricing, allows for easier access to retail markets and helps companies sidestep the country's 35-hour work week laws, the Times reported.

Competition laws were also strengthened, the report said.

HSBC bank, however, said the reforms would slow inflation by 0.7 percentage points from 2009 to 2012. The government estimated the reforms would reduce inflation by 1.5 percentage points in the same period, the Times reported.

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