Bloomberg News

Hollande ‘Pragmatic’ on Fiscal Pact, Sueddeutsche Zeitung Says

May 03, 2012

French Socialist presidential candidate Francois Hollande would be ready for a “pragmatic solution” to a disagreement with German Chancellor Angela Merkel over the so-called fiscal pact that would limit government spending in European Union countries, Sueddeutsche Zeitung said.

Hollande’s team has “concrete proposals” on how the fiscal pact can be complemented by measures to stimulate economic growth, the newspaper said, citing notes documenting talks between German diplomats and Hollande aides. Merkel would agree to such an amendment, which may be decided at an EU leaders’ summit in Brussels at the end of June, the newspaper said without citing anyone.

Hollande is aware that he would have to speak “tough truths” at the beginning of his term and that there’s no way around pushing France’s budget deficit below 3 percent of gross domestic product next year, the newspaper said, citing notes on the talks.

To contact the reporter on this story: Rainer Buergin in Berlin at rbuergin1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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