Deficit, reforms Christine Lagarde called Valls to continue its efforts
The Director of the International Monetary Fund (IMF), Christine Lagarde, called on France to continue its efforts to reduce its budget deficit and accelerate reforms, in an interview with Les Echos to be published Monday.
“We must stay focused on reducing government spending,” Lagarde defended, while the French government was forced to revisit this summer down its ambitions in this area.
In mid-August, the finance minister Michel Sapin had come to recognize that France would not be able to bring its public deficit to 3.8% of GDP this year, advancing a number greater than 4%. Therefore, Paris will not go to 3% – the European standard -. Next year
No excuse to delay reforms
In addition , leader of the IMF estimated that “even if inflation is lower than expected, it can not be used as a screen to see the effort required on the expenditure”, rejecting an argument made by Michel Sapin argument itself . He had argued last week that “we can not have the same goals (savings) with inflation becomes very low.”
Meanwhile, Christine Lagarde called Valls government to accelerate its reforms, praising in particular its desire to legislate on regulated professions, and advises to address, not just in France but “throughout the euro area” in “shackles of labor regulations.”
contemplated by Valls orders acclaimed
Finally, rather than a possible delay in the return of the 2017 deficit below 3% of GDP, it expressed concern that “structural reforms that generate growth (are) really quickly and fully implemented. “
” When I hear that France is planning to move by order to go faster, I am delighted. …
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