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The European Commission has granted France two more years to bring its public deficit to below 3 per cent of GDP on condition that the government accepts far-reaching reforms to curb public spending and to spur competitively. The announcement is in line with statements made by the Commission in early May.
Cleaning up public finances and lowering labour costs are at the core of the "requirements" the Commission sent to Paris, says Commission President José Manuel Barroso.
In a leader article, French daily Le Figaro writes –
Although you get used to anything, there are some sights that are disconcerting. Not least among these is that of France sitting side by side with Spain, Poland and Slovenia on Europe's dunce bench and being dictated a list of reforms to accomplish!
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