France After a European Criminal Court for Nine Years. After nine years, the European Commission gets rid of France from the EU budget penalty bank. The country meets the EU rules with a budget deficit of 2.6 percent in 2017.
EU Commissioner Pierre Moscovici declared this on Wednesday in Brussels.
Year after year, the French government, even when Frenchman Moscovici was himself, Minister of Finance, did not follow the 1997 European agreements on budget deficits and public debt.
The deficit must be at or below 3 percent of the gross domestic product (GDP), Also possible that the national debt of GDP will not exceed 60 percent.
In 2009, Brussels, therefore, started a process that could lead to fines against France. However, they never force that, although Paris, to the liking of other EU countries like the Netherlands,
hardly listened to the recommendations from Brussels to put the housekeeping book in order.
The inadequacy now reduced to 2.6 percent in 2017 and, according to Moscovici, will be “sustainable” this and next year. Also, the first time that all nineteen euro countries have a budget deficit below 3 percent.