France is on its way to tidy up its public finances, the European Commission president said on Monday, signaling confidence in the economic changes pursued by French President Emmanuel Macron before euro zone reform talks.

“France, with no doubts, will manage to bring its deficit level below 3 percent in 2017,” Jean-Claude Juncker told reporters, praising labor market reform proposed by the French government in August.

EU fiscal rules require the 28 member states to keep their public deficits below 3 percent of gross domestic product. Those who are above the ceiling are put under disciplinary procedures that could lead to financial sanctions.