Like all European leaders,karen millen saleOlli Rehn would take tweezers Friday, May 11 in Brussels to present what some might see as a "roadmap" for Francois Hollande. The Commissioner of Economic and Monetary Affairs unveiled Friday 11 May its spring forecast,http://www.karenmillendressesmartuk.coma document long awaited by capitals. And that sounds like a reminder to the realities for the president-elect.
France's deficit is expected, according to the report, 4.2% in 2013, unchanged policy.karen millen dressesAbove 3% of the commitment made by Nicolas Sarkozy for next year, and just below the 4.4% predicted by the outgoing government for 2012. Francois Hollande has taken these objectives, without detailing its intentions in terms of rigor.
"I asked for an assessment by the Court of Audit of the fiscal reality of our country,"karen millen outletsaid Friday, May 11 the president-elect in his stronghold of Tulle (Corrèze). "I knew for weeks that there was a degradation greater than the outgoing government did not say our public accounts," he added. "We have confirmation and it deserves to be watched, analyzed. I await the report of the Audit Office to then make decisions that will be necessary."
During the campaign, karen millen dresses the candidate Holland had hammered his intention to "take responsibility" to reduce debt and budget deficit, he intends to return to equilibrium in 2017. But its predictions are likely to increase pressure on the shoulders of the elected president, at a time when the Greek political crisis and the difficulties of Spain generate a net increase in tensions on the markets.
"The real test for European governance being implemented to overcome the crisis, it is France, more than Spain," repeated in private European leaders. Hit by recession qu'amplifient austerity measures, Madrid could be granted an additional period of one year to return to 3% by 2014, provided that the government of Mariano Rajoy muscle of the recapitalization plan Spanish banks. But there is no question of such leniency towards France.
In Brussels, and Berlin, one expects that the next tenant of the Elysee Palace keeps its word, even if the task is difficult, in a Euro promised a mild recession in 2012 (- 0.3%), before a modest recovery in 2013 (+1%). The Hexagon is not expected to more than 0.5% growth this year and 1.3% next year. Below a forecast of the assumptions used by the Socialist candidate, and his predecessor, who was denied a third austerity plan with the elections.
The only consolation, the deficit this year is expected to remain consistent with commitments made (4.5% of GDP), leaving a short time the new government to prepare its draft Finance Bill 2013 during the summer, without to rectify the situation urgently. But the debt would continue to grow, reaching 92.5% next year.
"In this context, karen millen sale fill more than one percentage point from the 3% target and the forecast of 4.2%, this represents some twenty billion euros," a public finance expert: "It ' is not insurmountable, but it will be hard without the risk of weakening growth. " To Brussels, if part of this envelope may come from tax increases that Mr. Holland said, the other will come from spending cuts, much less a subject discussed during the campaign.
Whatever happens, the roadmap looks delicate to hold, while Francois Hollande tried to convince his colleagues to add to the efforts of an austerity policy to support growth conducted at European level.
For Brussels, the effort should also focus on structural reforms, a subject almost taboo left in the campaign, and sensitive to one month of legislation. In a clear allusion to France, Angela Merkel, has hammered its requirements, Thursday in the Bundestag: "A growth through structural reform is important and necessary. Credit growth to bring us back to the beginning of the crisis."
German Chancellor, the crisis in the euro area has its origins in a "catastrophic debt", and "lack of competitiveness" of the European economy. Friday, the German Foreign Minister, Guido Westerwelle, has also warned, without naming him, the new French president, in a speech to the Bundestag. "The agreements between states are not invalidated by new elections," he told M.Westerwelle.
In the capitals, there are many leaders who see these warnings in private that relate in particular France, but were afraid to say out loud so as not to undermine the elected president. The European Commission also conducts a thorough investigation about the problems of competitiveness of the French economy.
An expert team was sent discreetly in Paris, as in eleven other cities singled out under the new arrangements for monitoring "macroeconomic imbalances". Their findings are expected by May 30. That day, Jose Manuel Barroso and his colleagues should send a series of recommendations to European governments on relevant reforms.
PERSPECTIVE THAT WORRIES IN BRUSSELS
Francois Hollande has grown in the dark matter, karen millen outlet so as not to be open to criticism during the presidential campaign, and avoid tearing his camp. The French Socialists do not want to hear about the labor market liberalization or opening sensitive sectors such as energy or services.
For now, the president-elect has promised to return especially in part on the unpopular pension reform led by Nicolas Sarkozy, promising to restore retirement at age 60 for those who started work early. A prospect that worries in Brussels, where we advocate instead of pushing the age of retirement. "It is very clear that Mr. Holland will have to make reforms," said a senior official at the heart of the monitoring device set up by the euro area to try to turn the page on the sovereign debt crisis.
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