Speaking at his first press conference since assuming the role of Finance Minister, Nicolas Sarkozy pledged to bring the French budget deficit below the 3% ceiling imposed by the Stability and Growth Pact, in 2005.
Explaining that "France's word must be respected", Mr Sarkozy put forward plans for a new round of privatisations, the sale of around 600 tonnes of gold, and cuts in public spending.
Warning that income tax cuts promised by French President, Jacques Chirac can only be delivered if matched by increased revenues as a result of economic growth, or cuts in expenditure, Mr Sarkozy additionally pledged a crackdown on tax loopholes.
He also suggested that the EU's budgetary rules needed to be "much more flexible", arguing that they are too lax in times of strong economic growth, and too severe during recessionary periods. However, he did not suggest that the 3% of GDP limit should be changed.
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