France's Hollande: Economic Crisis 'Exceptionally Serious

President Francois Hollande said Friday that the economic crisis is "exceptionally serious".

"My duty is to tell the truth to the French. We are facing a crisis of exceptional seriousness, a long crisis that has lasted now for more than four years and none of the big economic powers, even the emerging (economies), is spared," he said in a speech.

"Growth is slowing everywhere and the price of raw materials, of cereals, for both climatic and speculative reasons, and also of petrol" are rising, he said during a trip to France's Champagne region.

The French economy is struggling and recorded zero growth in the second quarter of 2012, actually beating expectations it would begin a slide into recession.

In July, the number of registered French job seekers saw the sharpest monthly rise in three years as it reached 2.99 million people, the 15th consecutive month the country's unemployment line increased.