French Finance Minister Rules Out Further Austerity In 2013

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 Pierre Moscovici, French Finance Minister, has excluded the idea of introducing additional fiscal measures in France in 2013, beyond those that have already been agreed.
 Alluding to the structural adjustment that has already taken place over the period 2010-2013, Moscovici made clear that it would simply not be adequate for the French economy to impose further measures this year. Moscovici indicated that a further fiscal effort will, however, be required in 2014 and in subsequent years.
 Moscovici's remarks came in response to the European Commission's winter economic forecast for France. The European Commission has forecast growth this year of just 0,1% and has predicted a deficit of 3,7% GDP ( gross domestic product) , well above the Government's ambitious deficit target for 2013 of 3%.
 For 2014, the European Commission has predicted growth of 1,2% and a public deficit of 3,9% of GDP.
 Highlighting the deterioration of the economic situation in the eurozone as a whole, Minister Moscovici underlined the need to rebalance European economic policy in favor of growth, announcing that the would seek approval from France's European partners to delay until 2014 plans to return the country's deficit to below 3%.