Arab Today, arab today france presents new measures to appease eu over budget
Last Updated : GMT 12:18:19
Arab Today, arab today
Arab Today, arab today

France presents new measures to appease EU over budget

Arab Today, arab today

Arab Today, arab today France presents new measures to appease EU over budget

French Finance Minister Michel Sapin (C)
Paris - AFP

Crisis-hit France, which has come under fire from the European Union for breaking the bloc's spending rules, announced "new measures" and "clarifications" to its budget Monday to reduce its deficit by 3.6 billion euros ($4.6 billion).
Finance Minister Michel Sapin announced there were certain pieces of "good news", notably a reduction in interest rates that brought down the cost of financing the country's debt, that had allowed France to trim its deficit.
Paris has said that next year's deficit -- the shortfall between revenue and spending -- will hit 4.3 percent of annual economic output, far above the EU's 3.0 percent ceiling, and as a result Brussels could potentially demand changes to the budget.
EU Economic Affairs Commissioner Jyrki Katainen has written to Paris to demand explanations for the overshoot, according to a letter confirmed by French President Francois Hollande on Friday.
France shocked its European partners in September by going back on a pledge to get its deficit to below the three percent ceiling by next year.
Instead, it pushed back this target to 2017 -- the year of the next French presidential election -- putting the eurozone's second-largest economy on a collision course with Brussels.
"I think that France here is offering clarifications and elements that should allow us to stay on course" with the EU rules, Sapin told reporters.
He stressed that "the main budgetary rule for France is to achieve next year a reduction of at least 0.5 percentage points of gross domestic product in our structural deficit," he added.
The structural deficit is the core deficit of a country when the ups and downs of the economic cycle have been stripped away.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france presents new measures to appease eu over budget Arab Today, arab today france presents new measures to appease eu over budget

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france presents new measures to appease eu over budget Arab Today, arab today france presents new measures to appease eu over budget

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday