PARIS - French President Francois Hollande on Saturday said creating jobs topped the agenda of his five-year term and reiterated pledges to reverse industrial decline and overturn public deficit.

In a TV interview, Hollande highlighted financial, political and social challenges that clouded his first two months of presidency in a context of flagging economy and continued financial crisis.

"The first priority is employment," the socialist president told local TV channels of France 2 and TF1 after he celebrated his first-ever National Day (known outside of France as Bastille Day) as head of state under clouds of economic strains.

"My duty is to create jobs, to recover production and restore public funds because if we lose our sovereignty we can no longer act," he added.

France's President Francois Hollande visits the High seas salvage tug Abeille Bourbon as part of the Bastille Day celebrations in the seaport of Brest, western France, July 14, 2012. [Photo/Agencies]

Hollande said that the country's No.1 car maker PSA Peugeot Citroen's plan to cut 8,000 jobs was not acceptable.

"This plan is unacceptable. It must be renegotiated," he said.

Listing economic hurdles of record high unemployment, growing debts and wider trade gap, the French president said he would "not exclude any resource" to meet deficit target of 4.5 percent of GDP this year and 3 percent in 2013.

The government revealed the need to garner 7.2 billions euros ($8.8 billion) of additional tax receipts to respect its financial commitments.

Hollande confirmed the creation of a commission aimed at outlining the Socialists' campaign proposals on non-accumulation of mandates, terms of campaign financing and voting systems.

"When one is elected in the Republic, there must be some rule. No conflict of interest will be tolerated," he noted.

During the interview, the president also said he wanted "a clear distinction between public and private life," referring to the "tweetgate" family feud.

A tweet sent by his current companion Valerie Trierweiler in support of an election rival of Hollande's ex-partner Segolene Royal before a decisive round of parliamentary elections last month has tarnished the president's image as "Mr. Normal" and caused consternation and embarrassment in the Socialist camp at a critical moment.