French Prime Minister Manuel Valls said his country faces a “moment of truth” on its economy as the government prepares to cut spending by 50 billion euros ($69 billion).
President Francois Hollande’s popularity sank to a record low while ratings for his new prime minister surged, creating tension between France’s top two politicians.
French Finance Minister Michel Sapin arrives in Washington today carrying President Francois Hollande’s message that the time has come to slow the pace of deficit-cutting -- again.
French Finance Minister Michel Sapin said his country needs to stick to a budget deficit target next year of 3 percent of gross domestic product to follow European Union rules.
French President Francois Hollande’s push to slow the pace of deficit reduction is unlikely to trigger any increase in borrowing costs, according to economists surveyed by Bloomberg News.
Mario Draghi will probably take action within two months against the threat of deflation, economists said.
Spanish Prime Minister Mariano Rajoy joined his French counterpart Manuel Valls in criticizing the European Central Bank for not acting against the strong euro, which they say is hampering euro-area economic recovery.
France’s new Prime Minister Manuel Valls pledged to cut taxes and spending to improve France’s competitiveness, as he promised to get Europe’s second-largest economy growing again.
French Prime Minister Manuel Valls vowed to pursue plans to curb the nation’s reliance on nuclear power with an energy law to be unveiled by the end of June.
Manuel Valls faces his first test as French prime minister today as he attempts to balance European demands on taming the deficit and voters angry with austerity measures.
"For more than 30 years we've lived beyond our means."
- Manuel Valls on Apr 16, 2014