EU hands France's Macron deficit victory

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AFP Brussels
Last Updated : May 23 2018 | 4:40 PM IST

The EU officially recommended that France be removed from Brussels' public spending penalty box after more than a decade, handing a win to French President Emmanuel Macron in his push to gain the trust of austerity-pushing Germany.

The European Commission, the EU's executive arm, formally proposed to take France out of the so-called excessive deficit procedure that was first opened in 2009 at the start of the eurozone debt crisis.

"It is an important moment for France after nine years of a long, painful procedure and sometimes painful but necessary budgetary efforts," said EU

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First Published: May 23 2018 | 4:40 PM IST

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