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France ponders ripping up EU budget rules

Requirement seen as a straightjacket on govts wanting to spend their way out of sluggishness

MOVING FORWARD: France's Court of Auditors warned recently that Paris risked again missing the 3-per cent target in 2017, after years of already doing so. The EU has warned that France will not be allowed to exceed the deficit target again.


NOBODY yet knows the winner of France's presidential election next year, but the smart money is on one loser: the 3-per cent cap on government deficits enshrined in eurozone rules.

The requirement, a bedrock of euro stability for some, to keep government deficits to below 3