Barroso urges credible reforms in France to meet targets

European Commission President Jose Manuel Barroso on Wednesday said France needed to pursue a credible program of structural reforms as fresh figures painted a grim picture of the country's economy. In an interview with local broadcaster Europe 1, Barroso said the two-year period granted to Paris to reach a targeted 3 percent deficit of its GDP would depend on its ability to "present a credible reform program so that it can regain competitiveness." "For 20 years, France has lost competitiveness. However, since 2009, France has made significant and very serious efforts to reduce the deficit. It has to pursue that," Barroso added. French President Francois Hollande is meeting Barroso in Brussels on Wednesday to present his economic roadmap to revive growth and to persuade his European partners he can deliver on his financial pledges. Hollande's visit comes as fresh data showed France slipped back into recession after reporting a negative growth for the second consecutive quarter. Following an initial growth forecast of 0.8 percent, the French government eyes a 0.1-percent GDP rise in 2013 before hoping to grow 1.2 percent in 2014 and 2 percent annually between 2015 and 2017.