Not such a fait accompli after all
The European Commission is in turmoil again over whether to punish France's budget deficit
LATE last month, it looked as if France had done just enough to avoid getting rapped on the knuckles over its breach of Europe’s deficit rules. Two days before the European Commission was due to decide whether to request revisions to France’s 2015 budget, Michel Sapin (pictured), the French finance minister, rushed out last-minute savings worth €3.6 billion. These extra budget savings, he said, would enable the government to trim its deficit to 4.1% in 2015, a better effort than previously announced.
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