"I want to be the Minister of Debt Reduction", says French finance minister Moscovici.
Speaking at the presentation of the government’s Budget 2013, Moscovici outlined his policy as a three-pronged attack against Debt, Inequality and The Financial Crisis.
This is no kite-flying à la irlandaise, but a public presentation of the national budget to the people of the Republic (What a nice idea – Kenny & Co please take note!).
Amongst the most headline-worthy measures announced are the decision to reduce the Culture Budget by 4.3% (by €110m from €2.54 billion to €2.43 billion) and the promise of a new piece of legislation that will see banks’ risk-taking business isolated from their retail business.
The latter was a key pre-election promise made by President Hollande and Moscovici said in an interview published in today’s Le Parisien that he would be ensuring that this promise was kept:
“We will not call into question our universal bank model. On the other hand we will be merciless with excess. I don’t want a feeble reform, I want banks to be at the service of the real economy,” he said. “The idea is to separate those activities which are useful for the economy and for investment from speculative activities.”
It’s encouraging to learn that the French are now taking steps to separate the bad guys from the good guys. Meanwhile, here in Ireland, we’re still looking for the bad guys…