France -- Moody's: France's fiscal strategy targets competitiveness challenges, but carries implementation risks

London, 04 August 2014 -- Although the French government (Aa1 negative) has re-oriented its fiscal strategy in ways that are broadly positive for the country's overall competitiveness, the programme carries significant implementation risk given its unprecedented scale, the fact that many measures remain undefined, the challenging political environment and the economy's weak growth, says Moody's Investors Service in a new report published today. As a result, while the deficit will remain on a declining trend, the country is likely to miss its fiscal targets in 2014 and 2015.

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