Select a language
On February 13, France acknowledged that it will be unable to respect the budget deficit target of 3 per cent of GDP this year. On the same day, European Commissioner for Economic Affairs Olli Rehn made public a letter addressed to EU finance ministers, which points out that the Pact for the euro allows for exemptions, on a case by case basis, in the event of recession.
“In private, however,” notes the daily —
European leaders are concerned to see François Hollande attempt to garner support from eurozone malcontents with a view to watering down, or even scrapping, the dogma of budgetary austerity, which Angela Merkel and her allies in Northern Europe have sought to impose over the last three years.
Was this article useful? If so we are delighted! It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans. Discover our membership offers and their exclusive benefits and become a member of our community now!
