Monday, May 20, 2013

France must reform or face punitive measures: EU's Oettinger

France should only be granted more time from the European Commission to cut its deficit if it also introduces reform measures, EU Energy Commissioner Guenther Oettinger was quoted saying on Monday.

Oettinger, a former state premier in Germany and a respected leader in Chancellor Angela Merkel's Christian Democrats (CDU), joined a chorus of senior German officials and CDU figures to issue warnings against allowing France to backslide on its austerity commitments.

His warnings followed similar comments from Bundesbank President Jens Weidmann and deputy parliamentary floor leader Michael Meister, who said last week France and Italy need to worker harder and faster to resolve their structural problems.