French public finances balanced by 2016, says minister

French Budget Minister Francois Baroin said on Monday that the government wants to balance its finances within the next six years. Baroin told the Le Parisien newspaper that his proposed programme would reduce the public deficit to two per cent by 2014, and it would be balanced by 2016.

Reuters/Philippe Wojazer

Baroin said said the fiscal position would be at the heart of the 2012 presidential campaign.

The French public deficit stands at more than seven per cent of national output, more than twice the European Union limit of three per cent.

It has not been in balance for more than 30 years.

France’s parliament is set to debate the 2011 budget revenues starting Monday.

Baroin said that reforms on taxation could not be made by next year because “the calendar is too tight”.