Paris takes hard line on budget shortfalls
By Sophie Louet |
June 14, 2010, Monday
|
Print Edition
Print Edition
FRANCE aims to cut its budget deficit by 100 billion euros (US$120.76 billion) by 2013 and bring it down to the European Union target of 3 percent of GDP.
Francois Fillon, the French primer minister, said on Saturday about half the amount would come from public-spending cuts and the balance from the suppression of tax exemptions and higher tax receipts, spurred by economic growth.
"We have made the pledge to bring down our deficit to 3 percent from 8 percent by 2013 and all our efforts will be focused on this priority," Fillon said in Paris.
French President Nicolas Sarkozy visits Berlin today to discuss EU economic policy.
France is looking to anchor its commitment to tighter fiscal policy after Berlin announced plans this month to make savings totaling 80 billion euros by 2014.
France's stability pact with Brussels entails a budget deficit of 6 percent of GDP in 2011, 4.6 percent in 2012 and 3 percent in 2013, based on economic growth of 2.5 percent as of 2011.
Jean-Pierre Jouyet, the head of the French markets regulator AMF, has offered to take a salary cut.
Francois Fillon, the French primer minister, said on Saturday about half the amount would come from public-spending cuts and the balance from the suppression of tax exemptions and higher tax receipts, spurred by economic growth.
"We have made the pledge to bring down our deficit to 3 percent from 8 percent by 2013 and all our efforts will be focused on this priority," Fillon said in Paris.
French President Nicolas Sarkozy visits Berlin today to discuss EU economic policy.
France is looking to anchor its commitment to tighter fiscal policy after Berlin announced plans this month to make savings totaling 80 billion euros by 2014.
France's stability pact with Brussels entails a budget deficit of 6 percent of GDP in 2011, 4.6 percent in 2012 and 3 percent in 2013, based on economic growth of 2.5 percent as of 2011.
Jean-Pierre Jouyet, the head of the French markets regulator AMF, has offered to take a salary cut.
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