France says determined to improve budget credibility

New finance minister Pierre Moscovici says there has been a lack of credibility for France over the public deficit and adds: "We're being watched".

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France's new Socialist government is determined to restore its credibility over budget management by meeting public deficit targets, Finance Minister Pierre Moscovici said on Sunday, reports The Chicago Tribune.

President Francois Hollande has pledged to stick to the previous conservative government's commitment to cut the deficit from an estimated 4.5 percent of gross domestic product in 2012 to within an EU-imposed limit 3.0 percent in 2013, even though many economists see that as hard without spending cuts.