ECB'S VILLEROY: FRENCH GOAL TO CUT DEFICIT TO 3% OF GDP BY 2027 IS NOT REALISTIC
European Central Bank (ECB) Governing Council member François Villeroy de Galhau said on Wednesday that the French goal to cut the deficit to 3% of GDP by 2027 is not realistic.
Key quotes
Most of the effort on deficits should come from spending reductions but targeted tax hikes are needed too.
It would be better to take 5 years to get to 3%, which would remain in line with EU rules.
Sees 2025 GDP growth of 1.2%, unchanged from prior.
Sees 2026 GDP growth of 1.5% vs 1.6% prior.
Still sees 2024 HICP inflation at 2.5%.
Sees 2025 HICP inflation at 1.5% vs 1.7%.
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