Kicking another can: E.U. gives France until 2017 to fix deficit

admin Economy, Geopolitics

The European Commission on Wednesday (25 February) gave France another two years to bring its budget within EU rules – the third extension in a row – saying that sanctions represent a "failure".
France has until 2017, having already missed a 2015 deadline, to reduce its budget from the projected 4.1 percent of GDP this year to below 3 percent.
"Sanctions are always a failure," said economic affairs commissioner Pierre Moscovici adding that "if we can convince and encourage, it is better".
Valdis Dombrovskis, a commission vice-president dealing with euro issues, admitted that France is the "most complicated" case discussed on Wednesday.

This post was published at EU Observer

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