The French government has responded to being given a ‘negative’ outlook by credit ratings service Standard and Poor’s, along with an AA rating based on the country’s current situation.
Michel Sapin, minister of finance and public accounts, stressed the credit quality of the French state, while adding that the government is on course to take steps to improve the nation’s finances in the future.
“Despite an economic situation which weighs on our fiscal balance, the government remains committed to implementing announced policies,” he said.
“We are implementing the expenditure savings we announced as well as the Responsibility and Solidarity Pact, so as to gain in competitiveness.”
By pursuing such reforms, he added that the French government will be able to boost the medium-term growth prospects of the economy.
He also called on member states throughout Europe to take the necessary actions to boost growth across the continent through coordinated economic policy, in light of current low inflation in the eurozone.
The French government’s statement added: “As noted by Standard and Poor’s, France has significant assets including a diversified economy, a financial sector adequately capitalised [and] a high wealth per capita.”