World Economy

French Budget Consolidation

French Budget ConsolidationFrench Budget Consolidation

Following the release of the 2015 French budget Finance Minister Michel Sapin assured that the pace of budget consolidation was being adapted to the pace of the economic recovery in the Eurozone, FXStreet reported. According to the budget presented by the finance minister, France aims to reduce spending by 21 billion euros next year. The deficit is expected to drop to 4.4% of GDP this year, to 4.3% in 2015, to 3.8% in 2016. Only by 2017 it should fall to 2.8%, below the 3% threshold set by the EU and which France pledged to meet in 2015.