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France’s budget in the eye of the storm – Danske Bank

FXStreet (Mumbai) - France’s budget will take centre stage in the euro area this week, as it would exceed the 3% deficit rule, observed Sverrre Holbek, Senior Analyst at Danske Bank.

Key Quotes

“EU prepares to reject France’s budget on non-compliance with deficit rules”.

“According to the Wall Street Journal, which is citing EU officials, the EU may reject France’s 2015 budget. France is set to run a budget deficit of 4.3%, exceeding the 3% deficit previously pledged”.

“Moreover, the reduction of the structural deficit will amount to just 0.2%, falling short of cuts worth 0.8% previously agreed with Brussels”.

“It is against this background that France’s budget will likely be rejected and send back to Paris for revisions, according to EU officials, which indicates that Italy’s budget may also be confronted”.

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