ECB'S Praet says France must cut spending, start reforms
PARIS Dec 18 (Reuters) - France must cut spending in order to meet its budget deficit target and undertake structural reforms to boost competitiveness, European Central Bank Executive Board Member Peter Praet said on Tuesday.
"France has too often resisted change," Praet said in an interview with French daily Le Figaro. "There is a consensus now in France on the need to improve public finances and competitiveness. To do that, structural reform is needed."
He also said euro zone countries should not back away from meeting a 3 percent deficit target despite an economic downturn in the bloc.
- Malaysian plane presumed crashed; questions over false IDs |
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Warning shots fired to turn monitors back from Crimea |
- Malaysian plane crashed off Vietnam coast: state media