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BRIEF: ECB Villeroy: Tax Rises Needed To Fix France Deficit

MNI (BRUSSELS)
Rises in taxes as well as cuts in spending will be needed to find the €20bn France needs every year for the next five years until France's budget deficit gets to the 3% of GDP EU limit, Bank of France Governor Francois Villeroy said. 
 
In an interview with Le Parisien newspaper, Villeroy who is also a member of the ECB Governing Council, said taxes on the wealthiest and large companies will be needed until the deficit has "returned the deficit to below 3%" of GDP."
 

Villeroy said it would not be realistic to stick to France's aim of a 3% deficit by 2027, which he said would halt economic growth. Reducing the deficit over a period of five years would be better and would also be in conformity with the EU's fiscal rules.

Commenting on the BoF's latest set of economic projections, Villeroy lamented that "we do not yet see a clear recovery" in France. 

"There is a certain wait-and-see attitude among both households and businesses which is due to the uncertainty surrounding the political and international context," he said.
 

MNI Brussels Bureau | david.thomas.ext@marketnews.com
BundesbankCentral Bank NewsPolicy NewsEuropean Central BankCEEMEAEurozoneGermanyBriefGlobalStoryRegion
MNI Brussels Bureau | david.thomas.ext@marketnews.com
BundesbankCentral Bank NewsPolicy NewsEuropean Central BankCEEMEAEurozoneGermanyBriefGlobalStoryRegion

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