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French deficit target on track

European Central Bank board member Christian Noyer yesterday said France’s aim to bring its budget deficit down to three per cent from eight per cent of GDP by 2013 was realistic. Noyer was echoing a similar pledge by Prime Minister Francois Fillon at the weekend who said France planned to cut its deficit by €100bn (£83.2bn) over the next three years, in part by slashing expenditures and eliminating tax exemptions.