Nicolas Sarkozy has unveiled his economic manifesto for re-election as president of France, less than three weeks before the first round of voting. He promised spending cuts and a new law committing France to balanced budgets, BBC News reported.

Mr Sarkozy also promised to freeze France's contributions to the European Union budget, saving 600m euros ($790m; Ј497m) annually.

And he added: "I won't go back on the proposals I made on the fiscalisation of dividends, minimum taxes for big businesses and taxing tax exiles, withdrawing working tax credit (a state subsidy for the low paid) which will bring in 8bn euros ($10bn; Ј6.5bn) to the state's budget."

His Socialist rival Mr Hollande supports higher taxes on the rich. On Wednesday he promised a freeze on fuel prices and a 30% cut in salaries for the president and cabinet ministers.

According to the three most recent opinion polls available, Mr Sarkozy leads Mr Hollande by an average of 1.8 percentage points in the first round but trails him in the second by an average of seven points.

Voters first go to the polls on 22 April, with the run-off scheduled for 6 May.