French economy minister blames the EU for the lack of growth, seeks new economic strategy

France's economy minister is blaming European authorities for the lack of growth in France and Europe, and says it's time for a new economic policy that shuns austerity measures.

Arnaud Montebourg, in a closely watched speech Thursday on economic recovery, also suggested France may seek more time from EU authorities to bring down its debt.

Montebourg said that the policy of cuttings public deficits in Europe and France was "morally right but economically wrong" and that austerity measures are a "European disease" that put the eurozone at the bottom of worldwide growth.

Montebourg vowed the government would make 50 billion euros ($68 billion) in spending cuts, as planned, but proposed to use only one third of the money saved to reduce the deficit, with the rest going to cut taxes.