France Wants Growth Measures before Ratifying Stability Pact

A file picture dated 17 May 2011 of Pierre Moscovici, member of the French Socialist Party (PS) at the French Socialist Party headquarters in Paris, France. EPA/BGNES

France will not ratify the current version of the EU Financial Stability Pact and will request the introduction of measures to boost growth, stated new French Economy Minister Pierre Moscovici.

"We stated very clearly that the Pact will not be ratified in its present version, and that we have to complete it with a section on growth," said Moscovici.

"We must reorient the European construction, but not at the price of turning our backs to budgeting responsibility," added France's Minister of Economy.

Moscovici reiterated the position of new French President Francois Hollande, according to whom public debts and deficits have to be defeated while at the same time stimulating the economy.

The European Commission has in the past week made important statements signalling it is also willing to move away from an all-out emphasis on austerity and promote growth.

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