The European Commission has given France two more years to meet its budget deficit target because of the country’s poor economic outlook

French finance minister Moscovici hailed the decision:

“We have witnessed the ending of a certain form of financial austerity and the end of the austerity dogma.”

  • Moscovici reiterated that France would stick to its target to cut its public deficit to below 3 percent of economic output in 2014,
  • But welcomed the two-year extension in case growth is not strong enough
  • The extension was granted on Friday

French finmin says Europe’s deficit move marks end of ‘austerity dogma’

France Declares Austerity Over as Germany Offers Wiggle Room