The French government presented a draft budget for 2015 that includes a total of €50 billion ($63 billion) of savings. Despite the authorities repeatedly pledged to cut spending by $26.5 billion next year and by $18.3 billion in 2016 and 2017, they confirmed their own forecast that says France needs two years more to reach its target level of budget deficit below 3% of GDP. The social security system in France will be significantly reduced, thus allow the government to keep more than $25 billion over the next three years. According to government’s estimates, the French economy will grow 0.4% in 2014 and 1% in 2015.