According to Pierre Moscovici, the finance minister in France’s socialist government, the country’s citizens pay “just enough” taxes, meaning the country’s stubbornly high deficit must be tackled by other means.
On Wednesday, France once again downgraded its public deficit and growth forecasts, admitting it would need until 2015 to bring its deficit under 3 percent of GDP (gross domestic product), as required by the European Commission.
“The time has come for the effort to rely on public expenditure, rather than taxes,” Moscovici told CNBC in an exclusive interview on Thursday.
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