## France: Staff Report for the 2015 Article IV Consultation

_IMF Staff Country Reports, July 10, 2015_

## Source details

**Canonical URL:** [France: Staff Report for the 2015 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/france-staff-report-for-the-2015-article-iv-consultation-43067)

## Other formats

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## Bibliographic details
- Published: July 10, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513545912.002

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### Overview and Outlook
- The report highlights that a solid economic recovery in France is under way.
- The economy is expected to expand by 1.2 percent in 2015.
- The recovery is supported by an accommodative external environment.

### Drivers of the Recovery
- Sharply lower oil prices.
- A depreciated euro.
- Low interest rates on account of quantitative easing.
- The recovery in other euro area countries.
- Expected transmission channels:
  - Underpin household consumption.
  - Lift export growth.
  - Eventually foster a rebound in investment.

### Fiscal Strategy and Policy Framework
- The fiscal strategy is set out in the current multi-year budget law and the 2015 Stability Program.
- The aim is to bring the headline deficit below 3 percent of GDP by 2017.
- The planned adjustment is gradual and based exclusively on spending containment.

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## Content in this bundle

- **Cr15178**
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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/france-staff-report-for-the-2015-article-iv-consultation-43067_