2 Oct 2014
New EU economy commissioner Moscovici assures no preferential treatment for France
FXStreet (Łódź) - European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Thursday at his confirmation hearing that EU budgetary rules apply to all Member States in the same extent and that he wouldn't be biased in favor of France in his new position.
"Any country, large or small, if it does not take effective action as required, I will follow the necessary procedures," the former French finance minister assured. Earlier this week it was made known that France will be unable to reach the EU
Moscovici suggested that France needed more time to fix its economy and that the lack of growth prevents it from cutting deficit effectively.
On Wednesday current French finance minister Michel Sapin revealed that the country's deficit was expected to drop below the 3% threshold set by the EU only in 2017. Earlier France pledged to meet the objective in 2015.
"Any country, large or small, if it does not take effective action as required, I will follow the necessary procedures," the former French finance minister assured. Earlier this week it was made known that France will be unable to reach the EU
Moscovici suggested that France needed more time to fix its economy and that the lack of growth prevents it from cutting deficit effectively.
On Wednesday current French finance minister Michel Sapin revealed that the country's deficit was expected to drop below the 3% threshold set by the EU only in 2017. Earlier France pledged to meet the objective in 2015.