France pledges to meet deficit goals without austerity

Date: Thursday 14 Jun 2012

French finance minister Pierre Moscovici has promised that his country will be able to comply with the 3 per cent deficit-to-GDP (gross domestic product) goal in 2013 without the need to implement large cuts in public spending.

Recently elected president François Hollande ran against then-incumbent Nicolas Sarkozy on campaign promises to move away from harsh austerity measures and to butt heads with German chancellor Angela Merkel to focus European Union attention on growth measures.

Moscovici reiterated promises to reduce France’s deficit this year to 4.5% of GDP and 3% in 2013. “We can absolutely meet these targets without austerity measures,” he said.

JM

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