Finance Minister Michel Sapin said yesterday France’s Budget for next year would assume a public deficit target of 3 per cent of national output for the year, as promised to EU partners.

After saying earlier this month France wanted to negotiate the “rhythm” of its deficit reduction with Brussels, Sapin has since stressed that Paris would nonetheless respect its EU-mandated targets and timeline.

“The goal is for France to reduce its debt,” Sapin told Europe 1 radio. “That’s why it must be 3 per cent of the deficit in 2015, not over. Three per cent for 2015 – it’s on that base that we are building our budgetary strategy and we will build our budget for 2015.”

The European Commission and eurozone finance ministers have said Paris – which already last year was granted a two-year delay to reduce its public deficit to within EU limits by the end of 2015 – needs to honour its commitments.

Prime Minister Manuel Valls has said France will respect its commitments while resisting outright austerity. However, many economists doubt it can meet the 2015 target, especially given a slight overshoot in the 2013 deficit to 4.3 per cent of output.

Citing comments from European Central Bank head Mario Draghi on Saturday that further strengthening of the euro would trigger an easing of monetary policy, Sapin said his comments showed that he had taken into account the longstanding French stance.

“Yes, the euro is currently too strong, abnormally strong, and it’s a bother for all European countries who use the euro and particularly France,” said Sapin.