Broadcasting his commitment to austerity, Sarkozy called today for a constitutional amendment to limit austerity, according to France 24. Germany already has a similar clause on the books.
Sarkozy would force every French government to publish a five-year trajectory for balancing its budget.
Of course that means balancing his own 8% deficit. Sarkozy plans to hack away 10% France’s budget by 2013. The president will do this by initiating a spending freeze and other major austerity measures:
Sarkozy said he would save five billion euros (6.16 billion dollars) per year by closing tax loopholes, and reduce government running costs and subsidies by 10 per cent by the end of 2013.
“We will continue to only replace one public employee for every two that retire,” he said, predicting that this will mean the saving of 34,000 public sector salaries per year on average.
“And from 2011 we will strictly reinforce our control on spending. We will reject general tax rises and we will proceed at the pace of the recovery to pursue reforms that will strengthen our growth.”