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French Lawmakers Give Green Light To Fiscal Compact

by Ulrika Lomas, Tax-News.com, Brussels

15 October 2012


The French parliament has definitively adopted the bill authorizing ratification of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG).

The French Senate adopted the text by 306 votes to 32.

Signed in Brussels on March 2 by former French President Nicolas Sarkozy, the European fiscal accord is intended to strengthen fiscal discipline and to introduce stricter surveillance within the euro area, in particular by establishing a “balanced budget rule”.

Vehemently opposed by the Socialist Party and by François Hollande during the presidential election campaign earlier in the year, the text was, rather ironically, only adopted in the upper house thanks to significant support from the right and following much rallying of the divided Socialist party by Prime Minister Jean-Marc Ayrault.

Back in April when campaigning for the French presidency, Hollande pledged to renegotiate the treaty once in office. Instead of modifying the TSCG, the text was finally complemented in June by a European growth pact.

The French Senate is expected to adopt the constitutional law ensuring proper implementation of the text at the end of October.

TAGS: tax | fiscal policy | law | budget | France | European Union (EU) | Europe

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