Mer: Public deficit reduced by 2005

French Finance Minister Francis Mer said yesterday that France and Germany were "firmly committed" to their promise to reduce their deficits to below the EU's three percent limits by 2005.

He also recognised that France was in much need of the supplementary year that has been given to Paris by EU finance ministers, saying that without the extra year, France's economic recovery would have been endangered.

France and Germany have recently faced heavy criticism for endangering the r...