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ECB's Weidmann: France's budget policies "test case" for euro fiscal rules
April 7, 2014 / 9:21 PM / 3 years ago

ECB's Weidmann: France's budget policies "test case" for euro fiscal rules

AMSTERDAM, April 7 (Reuters) - Jens Weidmann, the president of the German Bundesbank and a member of the European Central Bank board, warned on Monday that the credibility of the euro zone’s budgetary rules is at stake and that France’s suggestion that the bloc’s budget deficit targets be weakened is a “test case” for the rules.

“It’s vital that we stick to these rules. It’s not enough to agree new rules, we have to stick to them.” Weidmann told Dutch public television late on Monday. “France is a test case for the credibility of these new rules,” he added.

France’s new Finance Minister Michel Sapin said last week the country would seek a review of its deadline for meeting the European Union’s budget deficit ceiling of 3 percent. (Reporting by Thomas Escritt; Editing by Eric Walsh)

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