Post date: Dec 31, 2010 8:51:55 PM
French President Nicolas Sarkozy says he will fight against the demise of the euro and that France will stick to its commitments to improve its own finances.
PARIS, FRANCE (DECEMBER 31, 2010) FRANCE TELEVISIONS POOL - French President Nicolas Sarkozy said on Friday (December 31) he would fight to shield the euro as the currency's members struggle with a debt crisis and vowed to fulfil France's commitments to improve its own finances.
In a traditional televised address to mark the new year, Sarkozy flatly ruled out the possibility of France dropping the euro, which he warned would have dire consequences for all of Europe.
"Do not believe, dear compatriots, those who suggest that we leave the euro...The end of the euro would be the end of Europe," Sarkozy said. "I fight with all my strength against this step backwards that would undo 60 years of European construction which brought peace and fraternity to the continent," he added.Sarkozy also said he would not let France follow other European countries that suffered debt crises this year, and promised to stick to plans for returning the state finances to health.
"Those countries who wanted to live above their means without thinking about tomorrow have been severely sanctioned. My first duty is to protect France in this respective," Sarkozy said.
France's public deficit is set to hit 7.7 percent of gross domestic product (GDP) in 2010, and the government aims to cut the gap to 6 percent by the end of 2011 as a first phase of a plan to trim it to a European Union (EU) limit of 3 percent in 2013.
"France will stick to her engagements by balancing her accounts, I will not compromise this objective," Sarkozy said.
The president, who is struggling with dismal approval ratings, said he would push ahead with his reform agenda in 2011 despite looming presidential elections in 2012.
Sarkozy weathered a tough political year in 2010, enduring months of protests over his unpopular reform of the pensions system at home and battling wider anxiety abroad over the health of euro zone economies along with other European leaders.