French parliament passes EU budget treaty

Business

French parliament passes EU budget treaty

Close

France's lower house of parliament approved a law ratifying a European budget discipline treaty.

09 October,2012 08:36 pm

It was passed by large majority on Tuesday, paving the way for its adoption in the blocs No. 2 economy.The legislation was approved by 477 votes in favour to 70 against, despite a revolt by a handful of left-wingers in President Francois Hollandes Socialist Party and many in the Greens Party.The law passes to the Senate on Wednesday and should be adopted before the end of the week.The fiscal pact enters into force on January 1 next year or when 12 out of the 17 euro zone member countries ratify it, as half a dozen, including Germany, have already done.