French President Emmanuel Macron has admitted that the country is in a state of “social and economic emergency.”

“Today, we are forced to admit [it]. Today, I am announcing an economic emergency in our country,” Macron said, addressing the nation on Monday and calling for “support” for the French economy.

Speaking from the Presidential Elysee Palace, President Macron vowed to increase the minimum wage by 100 euros per month, stop taxing overtime and decrease pension contributions from next year.

“We will respond to the economic and social urgency with strong measures, by cutting taxes more rapidly, by keeping our spending under control, but not with U-turns.”