Merkel Tells Hollande Reform Is Price of Deficit Waiver
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German Chancellor Angela Merkel pressed France to pursue an economic overhaul in return for getting more time to cut its budget deficit, a task French President Francois Hollande said nobody will dictate to him.
The leaders of Europe’s two biggest economies, speaking after talks in Paris yesterday, said they agreed that France has to make further efforts to match Germany’s higher competitiveness. They differed on how much leeway France had to go about it.