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French PM defends budget as EU extends deficit deadline

28 November 2014, 14:27 CET
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(COPENHAGEN) - France's budget is "the best balance to combine fiscal rigour and economic stimulus", French Prime Minister Manuel Valls said Friday as the EU extended a deadline for the country to meet deficit requirements.

During a press conference in Copenhagen, Valls said he thought he could convince the European Commission not to sanction Paris for its excessive deficit.

Earlier in the day in Brussels the European Commission postponed its verdict on the budgets of France, Italy and Belgium until March.

"The European Commission has duly recorded this morning in its notification our fiscal rigour and our will to implement the necessary reforms to improve the functioning of our country," Valls said.

"It (the Commission) expects to be able to make a sharper assessment of our budget next March. In four months, we will have the necessary data, especially on the implementation of the budget and the economic situation," he added.

"We have no doubt that the European Commission will consider our budget for 2015, and more widely our trajectory until 2017, the best balance to combine fiscal rigour and support to economic stimulus."

The European Commission published on Friday a letter it received from Valls dated on November 21 in which he highlighted his government's commitment to "make efforts with an unprecedented scope" to reduce deficits and "develop and accelerate" economic reforms.

Economic Affairs Commissioner and former French finance minister Pierre Moscovici said as he announced the assessments that "the Commission will not hesitate to take its responsibilities", but that it was "politically and economically justified to take the necessary time".


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