Bank of France urges reform to meet deficit limit

Bank of France governor Christian Noyer on Thursday 10 June called on the French government for measures to bring the country's budget deficit below three percent of output by 2005.

Presenting the central bank's annual report, Noyer called the EU's Stability and Growth Pact that underpins Europe's single currency "a particularly important element of cohesion for the eurozone".

Noyer, a member of the governing council of the European Central Bank, told reporters that excessive fiscal deficits