EU Gives France Two More Years to Meet Deficit Goal
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France was given two more years to bring its budget deficit below European limits, as the European Commission asked for further budget-taming efforts without imposing fines.
France needs to cut its structural deficit by 0.5 percentage points in 2015, said Valdis Dombrovskis, the commission’s vice president for the euro. The French government is currently on track to narrow the cyclically-adjusted shortfall by 0.3 percentage points, according to the commission’s latest forecast.