Brussels, 24/04/2014 (Agence Europe) - On Thursday 24 April, the European Commission welcomed France's renewed pledge to correct its excess deficit in 2015 in line with the country-specific recommendations issued in June by the Council of Ministers. European Commission spokesman on economic and monetary affairs Simon O'Connor said the French commitment was obviously important and the Commission welcomed it. On Wednesday, the French government presented the French cabinet with a stability programme of a further €4 billion of savings in 2014 to reduce the public deficit to 3.8% of GDP in 2014 and to 3% in 2015. Under the Stability and Growth Pact, a deficit of above 3% is deemed excessive. The European Commission will assess the French updated stability programme and its reform plan and will be issuing conclusions and recommendations on 2 June. (EL)