French Fin Min : Government To Submit Law To Change Budget After Audit
06/03/2012| 01:51pm US/Eastern
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The French government will send a bill to Congress to change the budget law in early July, after the state auditor is due to release a general audit on the state of government finances, French Finance Minister Pierre Moscovici said Sunday.
All new spending will be matched to new savings, Moscovici said in an interview with local radio RTL. "France needs to strengthen our budget credibility," Moscovici said. The government will then work on the budget for 2013 and the principle of evening out new spending with savings will be implemented for 2013 as well, he added.
The auditor launched a wide evaluation of the government's finances and newly elected President Francois Hollande has said he will take the report into account for future fiscal policies and is expected to release the report between June 20 and July 1, Moscovici said earlier this week. The report will come out after the second round of the parliamentary elections held on June 17.
Moscovici said the government intends to fulfill all the promises made by newly elected Francois Hollande during the election campaign. He said the project to return the retirement age to 60 for some workers who started working early will cost less than expected.
-By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740; inti.landauro@dowjones.com
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