Hollande: France to cut public spending by €50bn euros

French President Francois Hollande said on Tuesday his government would adopt more effective reforms to cut public spending by 50 billion euros in 2014-17. "In 2014, this year, we will save 15 billion (euros)," Hollande told a news conference at the Elysee presidential palace. "In 2015 to 2017 we will unblock 50 billion more. This has never been done before." He said the new economic measures include a strategic body for public spending and tax reforms aiming to allow for more economic activities. Hollande added that the measures are designed to help companies regain a competitive edge in terms of labor costs, taxes and regulatory complexity in exchange for precise commitments on hiring and job training. "France must not only regain growth in 2014, but growth that is as strong as possible," he said. "There is a simple principle which is to reduce costs for companies, reduce constraints on their activity and in exchange open the way to more hiring." In return for the pro-business measures, Hollande said companies would have to commit to hiring targets, notably for young people and older workers, as well as job training. On France's foreign policy, the French leader said his government had managed to fight terrorists in Mali, and was helping Central Africa Republic (CAR) in restoring security and stability