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Financial crisis/working meeting at the Elysée Palace

Publié le August 10, 2011
Communiqué issued by the Presidency of the Republic
Paris, August 10, 2011

President Sarkozy presided over a working meeting at the Elysée Palace today on the economic and financial situation. It was attended by François Fillon, Prime Minister; Alain Juppé, Ministre d’Etat, Minister of Foreign and European Affairs; François Baroin, Minister for the Economy, Finance and Industry; Valérie Pécresse, Government Spokesperson and Minister for the Budget, Public Accounts and Administrative Reform; Jean Leonetti, Minister responsible for European Affairs; and Christian Noyer, Governor of the Bank of France.

The President observed that the decisions taken by European and US institutions have helped reduce tensions on the financial markets.

In Europe, the measures decided by Spanish and Italian authorities as well as interventions by the European Central Bank (ECB) were effective in significantly reducing the interest rates on the debts of those two countries.

President Sarkozy emphasized that current developments validate the government’s economic strategy. In this regard, the pension reform adopted in 2010 has durably strengthened the long-term sustainability of our public finances and bolstered France’s credit.

The Head of State reiterated that commitments to reduce the public deficit are sacrosanct and will be kept, regardless of developments in the economic situation. He asked the Minister for the Economy, Finance and Industry, and Minister for the Budget, Public Accounts and Administrative Reform to submit proposals in order to guarantee that these objectives will be met in preparation for the 2012 finance bill.

These proposals will initially be examined on 17 August at a meeting between the President and the Prime Minister. The final decisions will be taken on 24 August during a meeting between the President, Prime Minister, Minister of Economy, Finance and Industry, and Minister for the Budget and Public Accounts.

Finally, the President emphasized the key challenge of making this recovery effort comply with a rule incorporated into the constitution to balance public finances, as many of our partners are doing. He evoked the responsibility of all parties to transcend partisan differences to ensure that the commitment to balance public finances is a priority shared by all./.

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