Wednesday, August 29, 2012
Mediapart has published a draft of the law implementing the fiscal pact in France. The draft envisions the creation of a High Commission of Public Finance, which will be charged with monitoring compliance with the terms of the fiscal pact and reducing expenditures deemed excessive in case of divergence. In particular, control of social security and local government expenses is to be exercised by the High Commission. The government insists that this text is merely a draft.