france wins eu approval for 2year reprieve on deficit
Last Updated : GMT 13:03:42
Arab Today, arab today
Arab Today, arab today

France wins EU approval for 2-year reprieve on deficit

Arab Today, arab today

Arab Today, arab today France wins EU approval for 2-year reprieve on deficit

France has 2 more years to get its deficit with in EU limits
Brussels - AFP

European finance ministers on Tuesday approved a controversial two-year extension for France to get its deficit within the bloc's limits, despite accusations that bigger member states are treated more leniently than smaller ones.
They formally accepted assessments by the European Commission, the executive arm of the 28-member European Union, of the national budgets of member states including the reprieve for France.
"France needs to step up its efforts both on fiscal and structural reforms... We are putting France under tight deadlines," European Commission vice president for the euro Valdis Dombrovskis said after the ministerial talks.
In its decision announced in late February, the commission gave France until 2017 but ordered it to report back on reforms in three months, after deeming that commitments pledged by Paris fell short.
France was accorded the extra two years to work down its public deficit  -- the difference between government spending and revenue -- from 4.0 percent of annual gross domestic product in 2015 to 2.8 percent in 2017.
But the warning ignored demands by some European officials for France to be called to task as a repeat offender of the EU rule that national deficits not exceed 3.0 percent of economic output.
France has received several extensions in recent years to meet the rules, and a key official at the European Central Bank warned that the rules were being undermined with major economies treated more leniently than smaller ones.
"It's always extremely important in Europe to avoid a situation -- or even to avoid the perception -- that large countries are treated in a more benevolent way, in a more generous way, in a more flexible way than smaller countries," ECB executive board member Benoit Coeure told the Financial Times.
Some smaller countries have made their frustration known, with bailed-out Ireland on Tuesday asking for the same flexibility terms offered the much more powerful France.
"I supported the commission proposal, including the extension to France... but I used the opportunity to say that we needed the flexibility in the application of the rules as well," Irish Finance Minister Michael Noonan said after the talks, according to the Irish Times.
Germany, the EU economic powerhouse that pushes for balanced budgets, refrained from overtly criticising France and also approved the extension, but not without issuing a warning.
"If the commission is too flexible on the growth and stability pact (budget rules) for political reasons -- it has to be aware there will be consequences," said Wolfgang Schaeuble, Germany's influential finance minister.

 

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*

france wins eu approval for 2year reprieve on deficit france wins eu approval for 2year reprieve on deficit

 



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*

france wins eu approval for 2year reprieve on deficit france wins eu approval for 2year reprieve on deficit

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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