REUTERS NEWS
The future European Commissioner for Economic and Financial Affairs, Pierre Moscovici, said Saturday that the deficit in France, revised 4.4% in late 2014, was “a serious problem” that needed to be considered as a policeman pact Stability.
Paris is pushing for more flexibility on the issue of deficits within the euro zone to boost sluggish growth. The French finance minister Michel Sapin announced this week that the deficit had increased in 2014 and the goal to reduce it to 3% of GDP was postponed to 2017.
The new path announced by France, which has already received two reports to correct its accounts in 2007 and 2013, does not comply with its commitments, the European Commission has responded.
“The 4.4% deficit is a serious problem, it is a problem that must be addressed, it is a problem that I belong also to consider,” said Pierre Moscovici on Saturday BFM Business.
As part of discussions with France, “we must start from objective data,” he added. “For example, Michel Sapin evokes exceptional circumstances, the role of the Commission is to see if, under our rules, these circumstances are truly exceptional or not.”
Pierre Moscovici, the predecessor of Michel Sapin Finance in France, will be monitored in Brussels, where he will be the representative of a country deemed implausible in its fight against deficits.
He has already indicated that it would provide no exemption from Paris on the rules of recovery of public finances, but said it would consider the efforts, savings and reforms.
“When you become a European Commissioner, one is someone who is its national (…) at the same time, you become someone who defends the general European interest,” he repeated Saturday, saying that he would have to “navigate” between two rocks, that of “overindulgence” and that of “purely punitive approach.”
“AN EVENT IN COMMON SENSE OF THE TERM”
Asked what would actually change with the appointment of a French socialist replacing liberal Olli Rehn as Commissioner for Economic and Financial Affairs, Pierre Moscovici replied: “I can not tell you right now, but I can tell you one thing, you see. “
He indicated that he wanted to devote time to “make the teaching of Europe” in his country.
Like all other members, Pierre Moscovici will now undergo a hearing before the European Parliament committee in charge of his case, which will advise on its expertise and commitment to Europe.
This review of parliamentary committees is only advisory but in the past, several candidates had to be replaced, MEPs have a de facto veto since they must place their trust in the entire Commission during ‘ a vote of approval.
“I expect a test at the right sense,” said Pierre Moscovici on Saturday BFM Business. “I want to succeed, and I want to succeed well, I do not want to go short.”
For him, the new EU executive has a “historic role” to play.
“If the Commission fails to provide economic dynamics to create growth and employment (…) not just the budget seriously, essential but not sufficient, then at that point, in five years it will be the end of the European project, “he said.
Citing weak growth and inflation at its lowest, Michel Sapin said the French public deficit would reach 4.4% of GDP at end 2014, from 3.8% previously expected, more than the 4.1% in 2013 according to the latest review by INSEE.
The slippage would be more than 6 billion euros this year and more than 25 billion in 2015, when the deficit would be reduced to only 4.3% instead of 3% previously promised. It would be in the bar end of 2017.
(China Labbé)
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