France’s new left-wing government started work on Thursday with pledges to combat excessive austerity but better manage public finances, marking the debut with a 30% cut in pay for President François Hollande and all ministers. The sizeable wage reduction was endorsed at a first meeting of the 34-minister team, a day after Germany’s government awarded rises to its ministers and Chancellor Angela Merkel, whose pay will overtake Hollande’s. Pierre Moscovici, France’s newly-appointed finance minister, set the tone, reiterating Hollande’s demand Berlin and other euro zone capitals rework a fiscal pact agreed in March, to add pro-growth measures alongside commitments to deficit reduction.
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