Budget: the French exception

But France remains steadfast and assumes the ' slippage ' finances, arguing that the conditions were exceptional.

Michel Sapin, French Minister of Finance:

"We seriously orçamenal, but we reject the austerity. The consequence is that the deficit will be below 3% of GDP by 2017 "

The public deficit, revised to 4.4% in 2014, should reach 4.3% in 2015. And the Budget Pact still sets a deficit of 0.5 percent of GDP for countries in excessive deficit.

France's public debt has exceeded the eurozone average, with 93.5%, compared with 78.4 percent of Germany.

Public expenditure will not be changed, despite the 50 billion in savings promised by the Government, until 2017. Expenses, which are still high, are 10 points above those of Germany.

The fiscal pressure, in France, is among the highest in Europe, only surpassed by Denmark and Belgium.

The France could be fined 4 billion euros. To avoid the affront to small countries, forced to make sacrifices, to France has little chance of escape, unless that proves the credibility of your plan, to which the Economist Marc Touati doesn't give credit:

"We don't put into practice real measures. We need shock therapy. And shock therapy was not applied by Sarkozy won't be by Hollande, and that's the drama. We will continue to increase the debt. "

That is an opinion. The French Government has another, quite opposite to that of the Economist and of Angela Merkel. Another country, Italy Matteo Renzi's Hollande: budgetary rigour but not of authority; first growth.

The President Francois Hollande explains how to:

"We should adjust fiscal policy to growth, because if others adapt to austerity, this is not the case for France, thus, we have a greater than the slowdown growth."

It is true that France is context specific. The political position of Francois Hollande is very fragile. A sanction of Brussels may favor the national front. The Commission will weigh it in the decision.

3.30 ends

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