Keyword: budget deficit
The European commissioner for economic and monetary affairs accepted revised French and Italian budget plans but warned of close scrutiny.
Finance minister tells Brussels an extra 3.6 billion euros will be cut from public spending next year, placing France 'in line with EU rules'.
In a letter addressed earlier this week to French finance minister Michel Sapin and to which Mediapart has gained access, the European Commission’s vice-president Jyrki Katainen, responsible for economic and monetary affairs, demands to know “why France plans to deviate from the budgetary targets” set by the European Council and “how France could ensure full compliance with its budgetary policy obligations”. President François Hollande has refused to make public the letter, which he described as “of no great significance”, and which Mediapart exclusively publishes in full in this report by our Brussels correspondent Ludovic Lamant.
The German chancellor insisted that all EU member states must 'respect in full' the stability pact as France's 2014 deficit is set to rise.
Prime minister Manuel Valls pledges France will stick to 2015 target despite earlier suggestions from president that it would ask for more leeway.