Il deficit of France, instead of decreasing, it is growing: the figure rose by half a billion on an annual basis in August, to 94,1 billion euros, from 93,6 in the same period of 2013.
According to the Finance Ministry, Michel Satin, the increase in the deficit in August is linked "above all to the exceptional costs of the new investment program for the future". In return, the Valls government has also communicated that public spending it fell by 3,6 billion in the last year, settling at 253,9 billion euros in August.
Last month, Paris announced that it will not respect its commitment to bring the deficit-GDP ratio back to within 2016% established by the Maastricht treaty in 3. The new deadline set by the Executive is 2017, but the violation of the agreements signed with Brussels should still cost France an infringement procedure by the EU.
“What will I do in front of my home country? – I said last week in front of the European Parliament Pierre Moscovici, commissioner designated for EU economic affairs and former French economy minister -. Rules, nothing but rules, are here to ensure our function as budget controllers and if a country does not fulfill its treaty obligations and is under the procedure like France, I will continue with the procedure. I would be lying if I said that I am here to change the budgetary rules, I am here to apply them".
And the German Chancellor Angela Merkel had not failed to slap Paris: "Everyone must do their homework".
