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Moscovici Says France to Cut Deficit Below 3 Percent in 2013

French Finance Minister Pierre Moscovici said France will cut its budget deficit below 3 percent of gross domestic product next year.

“We want to have a credible budget policy,” Moscovici said today after a meeting with German Finance Minister Wolfgang Schaeuble in Berlin. “We will be under 3 percent in 2013.”

France’s revised 2012 budget law includes 7.2 billion euros ($9 billion) of tax increases to meet deficit-reduction goals. France’s next budget will be based on a growth estimate that is “solid, reasonable and credible,” Moscovici said.

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