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France

Hollande proposes four changes to EU fiscal pact

Text by News Wires

Latest update : 2012-04-25

French Socialist presidential candidate François Hollande said Wednesday that if elected, he will submit four proposals for renegotiating the EU fiscal treaty, including the creation of eurobonds and a financial transaction tax.

AFP - French presidential frontrunner Francois Hollande said Wednesday that if he is elected he will send his European partners four proposals to amend the EU fiscal pact.

Speaking at a campaign news conference ahead of the May 6 election, he also welcomed a comment from European Central Bank chief Mario Draghi, who earlier said the continent needed joint measures to support growth.

"The day after the vote, if I receive a mandate, I will address a memorandum to the heads of state on renegotiating the treaty," Hollande said.

Hollande said he would call for "the creation of eurobonds, not to pool debts but to finance industrial infrastructure projects" and "free up more financing possibilities from the European Investment Bank."

He also said he would call for "the creation of a tax on financial transactions" and "mobilising the remnants of European structural funds that are now unused."

Hollande also said he welcomed the remarks by Draghi, "who has himself just said that the fiscal pact needs to accompanied by a growth pact."

 

Date created : 2012-04-25

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