PARIS (Reuters) - It is not realistic for France to lower its deficit to 3% of GDP within three years but it could be possible within five years with the right course of action, Bank of France head Francois Villeroy de Galhau on Wednesday.

Concerns are growing among France's European Union partners and on financial markets that the fragility of its minority government could weaken efforts to shore up its public finances and so risk undermining the EU's new fiscal rules.

France's ongoing financial troubles are causing unease among its European Union partners and financial markets, as concerns mount that the vulnerability of its minority government could hinder efforts to stabilize public finances.

Bank of France Governor Francois Villeroy de Galhau said it’s urgent for the country to deal with its deficit and debt challenges as bond markets are increasingly sending warnings about the risks.

France will submit its plan to reduce public debt to the European Commission by the end of October, moving forward the submission date that was previously expected after the end of next month, EU officials said on Monday.