As announced(see EUROPE 12045), the Ecofin Council on Friday 22 June drew a line under the excessive deficit procedure in place against France since 2009.
This decision follows the recommendation by the European Commission to the finance ministers of the EU at the end of May (see EUROPE 12025), as the French government deficit represented 2.6% of nominal GDP in 2017 and is expected to stand at 2.3% of GDP this year.
This departure from the corrective arm of the Stability and Growth Pact does...