EU, Hollande: "More flexibility on deficit"

"I believe that the pace of fiscal consolidation in Europe must be adapted to the exceptional situation we are facing, characterized by low economic growth and very low inflation." This is how the French president, Francois Hollande, intervenes in an interview with 'Le Monde' on the issue of the European target of the 3 percent deficit. For Hollande “it is necessary to use all the flexibility foreseen in the European treaties; I'm not asking for a change in the rules but we must use all the possible flexibility foreseen in the treaties in exceptional circumstances".