BLOOMBERG.COM
The European Union highlighted the economic challenges for French President Emmanuel Macron by citing an “urgent” need for measures to counter imbalances including an excessive budget deficit. The European Commission, the EU’s executive arm, proposed leaving France among just four member nations facing special fiscal oversight and said the country must be prepared for extra steps to narrow its budget deficit. France will miss its goal to bring the spending gap this year below the EU limit of 3 percent of gross domestic product and -- “under unchanged policies” -- the deficit in 2018 will widen to 3.2 percent of GDP, the commission said. It projects a French shortfall this year of 3 percent of GDP, overshooting an EU demand for 2.8 percent.
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The European Union highlighted the economic challenges for French President Emmanuel Macron by citing an “urgent” need for measures to counter imbalances including an excessive budget deficit. The European Commission, the EU’s executive arm, proposed leaving France among just four member nations facing special fiscal oversight and said the country must be prepared for extra steps to narrow its budget deficit. France will miss its goal to bring the spending gap this year below the EU limit of 3 percent of gross domestic product and -- “under unchanged policies” -- the deficit in 2018 will widen to 3.2 percent of GDP, the commission said. It projects a French shortfall this year of 3 percent of GDP, overshooting an EU demand for 2.8 percent.
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