France should be removed from a list of European Union member states with excessive deficits, according to the European Commission. The good news comes after more than a decade of discontent with Paris’ deficit policy.
Addressing reporters, EU Economic Affairs Commissioner Pierre Moscovici, said: “It’s an important moment for France after nine years of a long, painful procedure and sometimes painful but necessary budgetary efforts”.
As reported by Deutsche Welle (DW), Germany’s international broadcaster, the news in France is perceived as a victory for French President Emmanuel Macron.
The Commission forecasts that France will log a deficit of 2.6% of gross domestic product (GDP) in 2017 to be followed by 2.3%, both below the bloc’s 3% limit.
However, Italy is now in the spotlight. The country’s populist and euroskeptic government has indicated its willingness to ignore EU budget rules in order to push through its costly coalition treaty plans.
Brussels warned Italy on May 23 that the incoming Italian government must make it a priority to cut its heavy public debt.