deficit sinners France again gets more time to save. The second-largest economy in the euro zone must comply with the EU deficit limit of three percent of economic output until 2017 said the Vice-President of the European Commission, Valdis Dombrovskis, on Wednesday in Brussels. Originally, France meet the goal already this year.
The European Commission’s decision was made in the course of the analysis of the economic policies of the EU member states. This had to ensure submit their draft budgets for the current year. The Commission had explicitly France, Italy and Belgium set a deadline of March to bring their national budgets in order.
The case of France was identified as a particularly sensitive issue. The country had already given more time to press its excessive deficit twice. Theoretically, the European Commission could impose fines in the billions for breach of the deficit targets.
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