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Another faux pas from France Thursday 8 May 2003 The European Commission demanded today that France takes measures to reduce its excessive deficit by October 3rd. The Commission stated that the overspending was not related to external economic events, and was largely self-inflicted. It resulted 'mainly from slippages in expenditures and from the implementation of tax cuts'. The government deficit in France is expected to rise to 3.7% of GDP this year, exceeding the maximum level of 3% set by the Growth and Stability Pact. EU Finance Minister, meeting on June 3rd can in theory fine countries which continue to side-step budgetary requirements by up to 0.5% of their GDP. Speaking from the European Parliament, East Midlands MEP Roger Helmer, said: "France, one of the biggest economies using the euro, are clearly incapable of keeping within the limits set by the Stability Pact. A one-size-fits-all euro economic policy is not working. This is more bad economic news from Euroland. Britain is better off out of the euro." |