After criticism from the European Commission which provided a negative opinion on the project budget 2015 of France, Finance Minster Michel Sapin announced Monday the modifications of the project budget.
These “new measures” should reduce the public deficit by 3.6 billion euros, which is more than expected, according to the Minister.
These budgetary efforts of the “Hexagon” will decline in the rate of interests to reduce the cost of debt, and a reduction in the structural deficit (excluding cyclical effects) over 0.5 product interior brut (PIB) between 2014 and 2015, said Mr. Sapin
By introducing these new measures, France hopes to satisfy the European partners on Wednesday 29 October, when the European Commission will give its opinion on the French project budget 2015.
By Tiffany Cimellaro