The EU Budget Commissioner Gunther Oettinger said in an interview that the French President Macro “lost authority” after caving in to the Yellow Jackets, and that the EU will accept a French budget deficit above the 3 percent ceiling set in 2018. The EU set budget deficits at 3 percent to maintain order in the system – but it is becoming difficult. The French budget deficit is expected to be 3.4 percent in 2018 and as the EU Commissioner points out “as a one-time exception” will this be allowed.
Mr Oettinger told Funke media group of German newspapers that French President Macron lost authority by upping his spending in response to the Yellow Jackets protests, but he remains a strong supporter of the European Union. Mr Oettinger also told the press that after Brexit, the UK leaving will turn it into something very different. It will become “a third country like Morocco or Azerbaijan” but we are trying to understand what the EU Budget Commissioner really means. A third world country? That is a bit harsh.
And without the British paying the divorce payments in 2019, Germany will be left holding the bill. It is clear that any country that tries to leave the European Union will be punished as to discourage others not to leave in the future. The Commissioner did say that he feels that the likelihood of Britain staying “somewhat increased” but the EU is prepared for all scenarios.