French Finance Chief Affirms Deficit Path After Winning EU Backing

French Finance Minister Eric Lombard said he secured support from Brussels for his deficit-reduction path, in a boost for the government as it tries to push through massive spending cuts to repair public finances.

France has pared back ambitions for fiscal consolidation after Michel Barnier’s government collapsed in December in a parliamentary row over plans for a sharp reduction in the deficit to 5% this year from 6.1% in 2024.