PARIS -- French President Francois Hollande on Wednesday said that the European Commission can not "dictate to France what to do" to rebalance its ailing finances.

"Anyway we have to make such reforms and we will do it in justice and with responsibility," the head of state said during his visit to Rodez in southern France.

"Concerning the structural reforms, including pension reforms, it is up to us, and us alone, to say what is the right way to achieve the goal," he stressed.

On Wednesday, the European Commission told Paris it should swiftly start reforming its pension system to rebalance it by 2020, further cut labor costs and reduce public spending to bring its budget deficit down in line with the European request.

Pledging to reach zero deficit by 2017 from an expected 3.7 percent of the gross domestic product (GDP) this year, Hollande said he would "initiate a discussion with social partners."

Earlier this month, the European Union gave France two more years to reach its financial commitments and "to correct the excessive deficit at the latest by 2015" instead of 2013.