ECB expresses concern about French spending

European Central Bank President Jean-Claude Trichet has called France “Europe’s No 1 spender” and said its public finances were a cause for concern.

Trichet, speaking later on Europe-1 radio, defended Prime Minister Francois Fillon for saying last week that France is “in a state of bankruptcy”, a statement that raised eyebrows in some quarters.

He said that that this year, in comparison to its GDP, France will spend the most among the 27 EU countries in public funds – 9% more than Germany, 5% more than Italy and 15% more than Spain.