| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2015) 115 final (27.2.15) |
| Publication Date | 27/02/2015 |
| Content Type | Policy-making |
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On 27 April 2009, the Council decided that an excessive deficit existed in France and issued recommendations to correct the excessive deficit by 2012 at the latest. On 2 December 2009, the Council decided that although effective action had been taken by the French authorities, unexpected adverse economic events with major unfavourable consequences for government finances had occurred after the adoption of the Council recommendation of 27 April 2009. As a consequence, the Council recommended that France correct its excessive deficit by 2013 at the latest. On 15 November 2013, the Commission concluded that based on the Commission 2013 autumn forecast, France had taken effective action in compliance with the Council recommendation of 21 June 2013 to bring its general government deficit below the 3% of GDP reference value and considered that no additional step in the excessive deficit procedure was therefore necessary. Based on the Commission 2015 winter forecast, the headline deficit is expected to reach 4.1% of GDP in 2015, substantially above the 2.8% of GDP target set in the Council recommendation of 21 June 2013 and the 3% of GDP benchmark. The considerable deterioration in the budgetary position resulting from the weaker overall position of the economy relative to the one underlying the Council recommendation of 21 June 2013 suggests that a revised recommendation for France setting a new deadline to correct the excessive deficit is justified, in line with the rules of the Stability and Growth Pact. |
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| Source Link | http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2015:115:FIN |
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| Countries / Regions | France |
