According to Pierre Moscovici, the finance minister in France’s socialist government, the country’s citizens pay “just enough” taxes, meaning the country’s stubbornly high deficit must be tackled by other means.
On Wednesday, France once again downgraded its public deficit and growth forecasts, admitting it would need until 2015 to bring its deficit under 3 percent of GDP (gross domestic product), as required by the European Commission.
“The time has come for the effort to rely on public expenditure, rather than taxes,” Moscovici told CNBC in an exclusive interview on Thursday.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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