09:00 GMT +314 November 2019
Listen Live
    EU Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici gives a press conference to present the European Commission's adopted Opinion on Portugal's 2016 Draft Budgetary Plan on February 5, 2016 at EU Headquarters in Brussels.

    EU Comm'r: Door 'Still Open' to UK, Urges Macron to Show Way on Budget Deficit

    © AFP 2019 / John Thys
    Get short URL

    European Commissioner for Economic and Monetary Union has said the UK still has a chance for a change of mind and points Macron that 3% deficit is “not a target, but a limit”.

    The Doors Are Open

    When Pierre Moscovici was asked what he thinks about the suggestions of some British politicians to conduct a new referendum, after the details of the divorce with the EU are negotiated and clear for everyone, he said that "the doors are open" and that if the UK decides to abort the initiated Brexit process, it would be welcomed by the union.

    The UK is planning to leave the European Union in 2019, but until that moment it has to settle the terms of separation, as well as future relations between itself and the EU. For now, the UK has managed to negotiate EU citizens' rights in the UK, the British-Irish border and London's financial obligations to Brussels.

    READ MORE: 'In All But Name': Tories Press Gov't to Stay Course on EU Divorce

    During the next stage of negotiations, which started in December 2017, the two parties will concentrate on how EU-UK ties will look during the post-Brexit transition period and future trade and security cooperation between the two. London wants the new trade relations with the EU to resemble those before Brexit.

    To Be the Leader, You Must Show Example

    After long being under the EU's microscope over its budget deficit, France has managed to reach an estimated 2.9% deficit in 2017, at the cost of reduced public spending.

    "Emmanuel Macron wants to be […] the leader in Europe and to be the leader in Europe, you must show example," says Moscovici in his interview.

    When asked about the matter, the Economic Affairs Commissioner points out that 3% must not be a mark to strive for — it's the limit. And though he is satisfied with what France has achieved, he points out that if it aims to take a higher position in the EU, it should show results that exceed the average in the union, which is an average 0.9% budget deficit.

    READ MORE: Emmanuel Macron Drives Reform Agenda Home in France Despite Shaky Start

    Earlier the same week, France's Court of Auditors issued a report where it warns that despite improved deficit numbers, France's economy is still out of the safe-zone and urges to speed up structural reforms in the country.


    Macron Right in Saying There Will Be Something Unique in EU-UK Deal – Prof.
    Macron Speculates About Frexit, 'Balances on the Tip of a Blade' - Politician
    'Similar Context': Macron Again Raises Frexit Issue
    UK Brexit Min: Certain Political Agreement Can Be Reached at March EU Council
    Unknown Brexit Costs Limit UK's Ability to React to Economic Shocks - Committee
    Economic Analysis Shows Brexit Impact on UK Finance Services to be Slight
    EU, Economy, Brexit, Interview, deficit, leadership, budget deficit, Brexit, Pierre Moscovici, Emmanuel Macron, EU, United Kingdom, France
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik