04/06/12 17:48 CET
| updated xx mn ago
| updated at xx
France’s new finance minister has promised to stick to the EU’s tough budget targets – but without resorting to austerity.
In Brussels to meet the bloc’s economy chief Olli Rehn, Pierre Moscovici insisted Paris was committed, to a previously set goal, to rein in French public spending to within 3 percent by next year.
‘‘Olli Rehn was just saying that it was possible for us to reach our deficit target of 3 percent in 2013 and a balance by 2017. I told him that it wasn’t only possible, but that it would be achieved. Without austerity measures: yes, we’ll do it!’‘ French Finance Minister Pierre Moscovici said.
Surely such statements will be music to the ears of EU officials. However, some observers believe it is not Brussels but Berlin that the French finance minister must win over.
“If the French are going to get any concessions, Germany is going to have to accept handing over more money, or something similar. Right now, that looks unlikely. In fact, I don’t think that the French finance minister will achieve much here in Brussels. If he really wants something he should go to Berlin,’‘ said Daniel Gros, Director of the Centre of European Policy Studies.
France’s current budget deficit stands at around 4.5 percent for this year.
Recently elected French President Francois Hollande has called for more growth measures, rather than austerity on its own, to bring the EU’s debts under control.
Latest world news
Berlin and Vienna pressure Rome to take responsibility for migrants
South African court paves way for Zuma to face renewed corruption charges
13 feared dead after helicopter crash near Bergen, Norway
Angry protest outside Trump rally in California
‘A new game, a final’: UEFA’s Platini makes last appeal against six-year ban
Wires > European Affairs
- 15:32 CET 11 people found dead in Norway helicopter crash
- 15:27 CET Paris police arrest 27 after overnight violence
- 15:13 CET Fire breaks out on old Russian nuclear sub, now extinguished…
- 15:10 CET Finnish NATO membership would lead to crisis with Russia -…
- 14:57 CET U.S., allies conduct 22 strikes against Islamic State – …
- 14:55 CET Syria calls local truces; U.N. condemns ‘monstrous disregard’ for…
- 14:51 CET Biden gets papal blessing for his global war on cancer
- 14:34 CET Italy struggles to house migrants in third year of mass arrivals