France to keep up reform pace after EU gives it more time: Moscovici

Reuters News
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Posted: May 07, 2013 4:11 AM
France to keep up reform pace after EU gives it more time: Moscovici

BERLIN (Reuters) - France will not slow down its economic reforms following the European Commission's decision to give the country more time to reach its budget targets, French Finance Minister Pierre Moscovici said on Monday on a visit to Berlin.

"The flexibility accorded to us is not treated by us... as an incentive to relax the pace (of fiscal consolidation). We will continue our efforts to tackle the structural deficit," he said. "France is a serious country conducting a credible policy, we do not renounce this (fiscal responsibility)."

But the French minister, speaking at a university in Berlin alongside his German colleague Wolfgang Schaeuble, also said fixing public finances should not choke off growth.

"Of course, we have to make sure public finances are put right, but you have to carry out this exercise carefully, taking into account the national situations and defining the right rhythm for preserving growth prospects," he added.

(Reporting by Stephen Brown, additional reporting by Sarah Marsh and Gareth Jones, writing by Annika Breidthardt)