France could get deficit below EU limit in five years, says Bank of France head

It is not realistic for France to bring down its deficit below the level of 3% of its GDP within three years but it could be possible to do so within five years with the right actions, said Bank of France head Francois Villeroy de Galhau on Wednesday.

“Three years is not realistic, not economically or with regards to growth. But to do it in five years is possible,” Villeroy, who is also a policymaker for the European Central Bank, told France 2 TV.

Earlier this week, French finance minister Antoine Armand said the country’s budget deficit was at one of its worst levels in history. The government currently expects a 2024 budget deficit of 5.1% of GDP – above the European Union’s limit of 3%.
Source: Reuters (Reporting by Makini Brice; Editing by Sudip Kar-Gupta)