Yet in his great generosity, the European Commission should grant Tuesday - according to a source close to the dossier - a period in France and Spain in order to enable them to reduce their excessive deficit. Both countries, however, and will return in the 3% limit allowed in the European Union in 2012.
A goal that France considers already difficult to achieve?
The Commission should also ask Greece to return below the 3% deficit in 2010 and to Ireland to do likewise in 2013. Information that has already been mentioned by the newspaper Les Echos.
According to the latest estimates published in January by the Commission, the French deficit should reach 5.4% of GDP this year, that of Spain 6.2%, that of Greece and 3.7% of Ireland on record level of 11%.
The French government has indicated, however, in early March that the government deficit (government, social security and local) in the country this year would climb to 5.6% of GDP and would remain at 5.2% of GDP in 2010 due to the impact of the crisis.
In mid-February, the European Commission had initiated the first stage of excessive deficit procedures against these four countries because of significant slippage in public finances caused by the economic crisis.
European Commissioner for Economic Affairs Joaquin Almunia had justified the decision by the fact that public deficits of the countries concerned had "exceeded the reference value of 3% of GDP in 2008, the maximum limit set by the European Stability Pact.
France was then surprised by the warning from Brussels, which she considered inappropriate. The French Budget Minister Eric Woerth had found the warning "a little swollen."
It is true that under a reform in 2005, the European Commission may take into account exceptional circumstances, such as a recession, to grant relief to governments.
The current deadlines are subject to change along the way, if the recession was more severe than expected, has already said the European Commissioner for Economic Affairs, Joaquin Almunia.
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