(BRUSSELS) - The European Commission will take France to task over its swelling public deficit by June 2, EU Economic Affairs Commissioner Joaquin Almunia said Wednesday.

The European Union's executive arm said in April it was preparing a formal warning to Paris about its finances, which would be particularly embarrassing as France takes over the EU presidency in July.

"I hope that the college of commissioners will have taken a decision on what instrument to apply ... by the next Eurogroup meeting" of finance ministers due on June 2, Almunia told journalists in Brussels.

According to forecasts from the commission in April, France could see its public deficit rise to 2.9 percent of output this year and then hit 3.0 percent in 2009.

That would put it perilously close to breaking an EU deficit limit of 3.0 percent.

With France all but certain to miss the 2010 eurozone target for balancing its budget, the question has also arisen as to whether it would be able to do so by 2012 as Paris says it will do.

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