This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

France Urges Cooling Of Austerity, Focus On Growth

"It has to be done in a way that people, citizens can recognize the reform process, can support it finally and can see some hope, some light at the end of the tunnel, which is not the case today," said the European Parliament's center-left caucus leader, Hannes Swoboda.

He warned that continuing the harsh enforcement of European debt rules will not only worsen the recession, but eventually threaten Europe as a whole.

"More and more citizens today identify Europe with austerity, unemployment and perhaps even authoritarian dominance from outside," Swoboda said.

Moscovici acknowledged France will miss its deficit reduction target this year as the economy is expected to stall, but still aims to get it below the EU's limit of 3 percent of economic output next year.

"Under the current conditions it would worsen the recession to push toward the 3 percent (ceiling)," he said. France hopes the EU Commission, the bloc's executive arm that monitors compliance with debt rules, will grant the country a delay of one year to reach its deficit target, he indicated.

The European Commission last month lowered its 2013 economic growth forecast for France to a meager 0.1 percent.

New data on Thursday also showed that the unemployment rate in France is still rising. It was up to 10.6 percent in the fourth quarter of 2012 from 10.3 percent in the previous three-month period, according to France's statistics agency.

In Britain, however, Prime Minister David Cameron gave a stern defense of his government's austerity policies of tough spending cuts and tax increases.

"The very moment when we're just getting some signs that we can turn our economy round and make our country a the very moment to hold firm to the path we have set," he said, pointing to a recent uptick in exports and lower unemployment.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 -2.67%
FB $104.07 -5.81%
GOOG $683.57 -3.45%
TSLA $162.60 -7.26%
YHOO $27.97 -4.05%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs