France is on track to miss an EU deadline to bring its deficit in check by 2015, the bloc’s executive warns, while Spain is also expected to struggle to contain its deficit.
The European Commission predicts that France’s deficit will reach 3.7 per cent of gross domestic product (GDP) in 2015. The deadline for France to reach the EU’s 3 per cent deficit threshold comes that year, following a two-year extension it had received in June.
Tuesday’s figures show Spain’s deficit falling to 5.9 per cent next year, but then swelling back to 6.6 per cent in 2015.