EU rules out more time for France to meet deficit target

Offering extra time to France to respect its financial commitment to the European Union (EU) is not on the agenda, said Pierre Moscovici, European Commissioner for economic and financial affairs on Monday.

Asked by France 2 TV if the EU would accept a possible request from Paris to delay its plan to cut its budget gap, Moscovici said "It is out of the question, no delay, only a serious budget policy needs to be on the table."

The former economy minister added that he expected the new French government to "present a 2018 budget draft that will allow to pass below 3.0 percent and allow France to get out...from the excessive deficit procedures."

In 2015, the EU offered France extra time to bring its budget gap to the safe line. However, the EU urged the French government to take additional measures and fiscal reforms to deliver on its promises.

France, the eurozone's second main powerhouse, has a target to trim its budget deficit to 2.8 percent of gross domestic product (GDP) this year, the first time in a decade it will have respected the EU-imposed limit of 3.0 percent.