Speaking at the launch of his manifesto, just 17 days before the first round of the country’s presidential election, Sarkozy promised on Thursday to enact the rule which obliges governments to have a plan to balance their books.
He said France is facing “historic choice” between his government’s austerity measures or a return to uncontrolled spending and a consequent debt crisis as those gripping Greece and Spain.
Sarkozy vowed to reintroduce “competitiveness, innovation, investment, reduced spending” to the nation.
He said he would also ask the European Union to freeze France’s contribution to its common budget, which he said would save 600 million euros.
The popularity of the right-wing president has already taken a nosedive over his government’s cost-cutting measures.
Sarkozy plans to increase sales tax from 19.6 to 21.2 percent, reduce payroll charges on employers, restrict legal immigration, reform professional training, tax exiles and balance the budget by 2016.
He has also confirmed plans to continue to reduce the size of the French state, principally by not replacing all retiring civil servants, and save 115 billion euros (USD 150 billion) through cuts and tax rises.
His main Socialist challenger Francois Hollande has already published his 60-point plan. He is seeking to win the votes of Sarkozy critics with plans to reduce the speed of spending cuts, renegotiate the EU fiscal pact, cap fuel prices and introduce a 75 percent additional tax on high earners.
Opinion polls have predicted that the front-runners will emerge neck-and-neck in the first round scheduled for April 22, but that Hollande will win the May 6 run-off.
Results from one the polls said if the second round were held this weekend, Hollande would comfortably win Sarkozy with 54 percent to 46. It also found that 59 percent of Hollande’s supporters were backing him as an “anyone but Sarkozy” candidate.
MRS/JR