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France Says It Will Miss Budget Deficit Targets
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France's finance minister says the government will focus on growth and set deficit targets that will support growth. There is a feeling in the business community that France has reached the limit for tax increases. The government has given up the goal of reducing the deficit to 3% of GDP in 2013. The government says the deficit will be about 4.1% in 2013 and 3.6% in 2014. Economic growth is expected to be only about 0.1% for 2013, and 0.9% for 2014, lower than earlier forecasts. Muscovici has said the French are fed up with higher taxes, and he is looking for savings in spending. About 15 billion euros of savings are planned in the 2014 budget from ministry expenses and healthcare spending. Extra taxes of 6 billion euros planned for the 2014 budget will now be cut to 3 billion euros. To increase growth it is necessary to stabilize taxation and give business a clear picture for 2014-2015.
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The budget has higher taxes on business and the rich to meet deficit reduction goals just as the economy is stalling.
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Hollande expresses his disappointment with the actions of chancellor Merkel of Germany in not supporting direct aid to Spain's banks by the European Stability Mechanism fund as agreed in June and helping lower the borrowing rates of Spain and Italy. He calls it unfair that France and Germany can borrow at 1% and Spain and Italy have to borrow at 7%. He also says Greece should not be subject to perpetual punishment after coming this far. It is Hollande's boldest effort to articulate France's frustration with Merkel's following domestic opinion in framing policy for the eurozone and delves into the many issues.
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The determination in France, as in Britain, to take austerity measures, and to cut the deficit.
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Linked Articles
France Says It Will Miss Budget Deficit Targets
Wall Street Journal 09/12/2013
Wall Street Journal 05/29/2013
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