French President Nicolas Sarkozy has notified European Union finance ministers that he may not be able to wipe out his country's budget deficit by the EU deadline of 2010.

Mr. Sarkozy was in Brussels Monday to speak to finance ministers from the 13 EU nations which use the euro as their currency.

The president said he may be able to balance the French budget by 2012.

Luxembourg's finance minister, Jean-Claude Juncker, said it is good news for Europe that France is trying to reform its finances.

Mr. Sarkozy has proposed a series of tax cuts he says would stimulate economic growth.

Some information for this report was provided by AFP, AP and Bloomberg.