ECB's Draghi: France must pursue economic reforms

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Central bank boss says France has made 'big efforts' but competitiveness is 'insufficient' and country is over reliant on tax hikes to cut deficits.

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France must pursue economic reforms to redress its flagging competitiveness and can no longer rely on raising taxes to shore up public finances, as companies need fiscal stability to invest, European Central Bank President Mario Draghi said on Sunday, reports The Chicago Tribune.

"Big efforts have been made, what's important is to continue on the path of reforms," Draghi told weekly newspaper Le Journal du Dimanche. "Competitiveness remains insufficient and strengthening public finances can no longer rely on tax increases."