France does not fulfill the requirements of the EU’s budget

Франция не выполнит требования ЕС по бюджету

In 2019 the country’s budget deficit will exceed the EU permitted three percent due to the financial measures promised by the Macron of the protest movement.

After the authorities in Paris made concessions to the protest movement of the “yellow jackets” and promised to fulfill a number of their demands, France would not fulfil requirements of the EU budget.

The budget deficit in 2019 may increase to 3.2% of GDP. This was stated by Prime Minister of France Edouard Philippe in an interview with the financial newspaper Les Échos.

According to him, financial measures, which are agreed to meet the President of France Emmanuel macron in response to mass protests, will cost the Treasury about $ 10 billion euros.

According to the original plans of Paris, the budget deficit next year was to be 2.8% of GDP. According to EU rules, this ratio should not exceed 3% of the total volume of produced goods and services.

Despite the unplanned growth of new debts, the French authorities intend to implement “max promises,” said Philip. He also reported on plans to limit tax breaks for businesses and others discussed ways to save the budget.

Earlier, the protesters in France has published a list of demands to the authorities.

It was also reported that the protests of “yellow jackets” have led to economic disaster in France.

Source: Russian service of DW

 

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