Press Release: Commission asks France to take new measures to reduce the budget deficit in 2004

The Commission adopted on 21 October 2003 a Recommendation for the Council to request France, in accordance with Article 104(9) of the EC Treaty, to take new measures to reduce the budget deficit and remedy the situation of excessive deficit. The Commission considers that the budgetary adjustment in 2004 should be larger than the one contained in the draft Budget for 2004. Specifically, it is recommended to reduce the cyclically-adjusted deficit by one percentage point of GDP in 2004, which implies additional deficit reduction measures of around 0.4 % of GDP. Through such action, the French government should put an end to the present excessive deficit situation as rapidly as possible and by 2005 at the latest.

http://ec.europa.eu/comm/economy_finance/about/activities/sgp/procedures_en.htm http://ec.europa.eu/comm/economy_finance/about/activities/sgp/procedures_en.htm

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