Michel Barnier, the EU Internal Market Commissione advised the French government to undertake its planned reforms. The EU's top financial regulator urged France to continue on its plans despite the two year period given to the country to be able to meet its budget deficit goals.
The European Monetary Commissioner, Olli Rehn said that France was badly in need of programs to unlock its growth potential and job creation. He added that Spain, Italy and the Netherlands together with France would continue to be in the financial doldrums. These countries are four of the five largest economies in the Eurozone.
In a Europe 1 radio show interview, Barnier said, "It's a moment of truth for the government which needs to have the political courage to carry out those reforms which will sometimes not be understood, and require effort."
The EU finance ministers group had provided France until the end of the year to pull down its budget shortfall to a level 3% below its GDP. France though expects that its economy would expand by 0.1% while the European Commission forecasted a 0.1% contraction.
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