Mr Hollande said on Thursday that he would strive to reach the 3pc target “as soon as possible” but would also take care to avoid “falling into austerity” by going too fast. His officials have written to the European Commission pledging fresh retrenchment of €2bn (£1.7bn) as a gesture of good faith. This comes on top of €60bn of cuts and tax rises already begun. The concern is that any tightening at this stage may prove self-defeating.