Set at 3%, France will miss the target by over one percent, with its budget deficit set to be 4.4% for this year. The country is also predicting a deficit of 4.3% of GDP for 2015.
The minister, Michel Sapin, went on to say that the country will fall short of the target for the next three years, confirming that he has lowered France’s projections for growth accordingly.
An Economic Reality
M. Sapin went on say that despite France falling short, it was not requesting that the EU change its policy and rules. Addressing a press conference on Wednesday morning, the minister said that the lack of growth experience in France reflected the wider environment in Europe.
He went on to say that the lack of growth was an:
It is not the first time the country has missed the budget deficit targets, while the country still struggles to tackle high rates of unemployment.
With arguments in the French government punctuating François Hollande’s presidency, a number of high profile ministers have resigned citing bitter rows over the French economic policy.