RELIEVED: French Finance Minister Pierre Moscovici welcomed the European Union's suggestion that France will get more time to reduce its deficit. He called it a turning point in the region's approach toward reviving growth.
SHIFT IN FOCUS: Some Europeans say reliance on austerity measures such as spending cuts and tax hikes have choked off growth in the 27-nation bloc. Speaking Tuesday at a Berlin university, Moscovici urged adoption of a more growth-friendly approach that includes tightening the budget when the economy is stronger and easing off the cuts in times of weaker growth.
WHAT'S NEXT: The EU Commission, the bloc's executive arm, hinted last week that it will grant France two more years to get its deficit below the limit of 3 percent of annual output to account for the current economic downturn.
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- Budget, Tax & Economy