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France’s Hollande urges stimulus policy

Thursday, April 26, 2012

The French presidential candidate Francois Hollande vowed on Wednesday he would push for a renegotiation of the EU treaty. He said the pact should include measures to encourage economic growth, while maintaining fiscal discipline.

The Socialist candidate is the front-runner in the presidential election, keeping a 10-point lead in a recent poll over the incumbent Nicolas Sarkozy. The runoff for the presidential election will be held on May 6th.

He said he would seek a revision of the EU pact, which focuses on tightening budgets. He provided details of his plans, including the creation of Eurobonds that will be issued by the EU.

He also proposed a financial transaction tax in dealings among EU countries to pay for infrastructure improvement.

He added that he will contact the other EU leaders immediately, if he wins. He also said he will look to open dialogue with German Chancellor Angela Merkel, who had pushed for the treaty.

His earlier pledge to renegotiate the treaty had stirred market concerns over a worsening of the European debt crisis.

Thursday, April 26, 2012