France’s unbeatable deficit

AP reports:

France’s new finance minister says he wants to renegotiate the speed at which France cuts its budget deficit to limits set by the European Union.

Michel Sapin told French radio station France Inter on Thursday that the 3 percent deficit France has promised its European partners to achieve by 2015 remains the target, but that the “rhythm” at which it is achieved should be discussed.

Sapin, who is taking over as finance minister from Pierre Moscovici, says renegotiating the target “is in the common interest of Europe.”

France missed its deficit target last year and has repeatedly pushed back the date by which it will bring its finances into line with European limits. Its deficit last year was 4.3 percent.

The joys of tax and spend policies.