(IGM)[FRENCH PM] Fillon takes a particularly gloomy outlook on the Eurozone as he still...
[FRENCH PM] Fillon takes a particularly gloomy outlook on the Eurozone as he still sees a risk of stagnation, obviously not convinced that powerhouse Germany and stronger EMU members (France not faring badly itself) will be enough to provide momentum. He bases his concern on latest peripheral woes as he points out that the debt crisis is not yet over. Turning to the French economy specifically, he promises not to fill the govt's pockets at the taxpayers' expense as Sarkozy and co are keen not to overly tax their voters' patience. Despite not tapping into this potential revenue source, Fillon is confident that the budget deficit can be reduced to 6%/GDP in 2011 and further to 4.6% in 2012 after the much protested pension reform has been approved. His estimate is broadly in line with OECD forecasts, while the latest economic outlook including deficits from the EU is due on Nov 29.
[FRENCH PM] Fillon takes a particularly gloomy outlook on the Eurozone as he still sees a risk of stagnation, obviously not convinced that powerhouse Germany and stronger EMU members (France not faring badly itself) will be enough to provide momentum. He bases his concern on latest peripheral woes as he points out that the debt crisis is not yet over. Turning to the French economy specifically, he promises not to fill the govt's pockets at the taxpayers' expense as Sarkozy and co are keen not to overly tax their voters' patience. Despite not tapping into this potential revenue source, Fillon is confident that the budget deficit can be reduced to 6%/GDP in 2011 and further to 4.6% in 2012 after the much protested pension reform has been approved. His estimate is broadly in line with OECD forecasts, while the latest economic outlook including deficits from the EU is due on Nov 29.
