Debt, deficits: the Court of Auditors is concerned about the French drop-out

6/29/2023, 4:28:21 PM

Highlights: The Court of Auditors has released a report on the state of France's finances. The report says the country needs to save 60 billion euros by 2027. It says the issue of public finances is not reserved for a few within the government. The court has called on the government to take action to save the country's public finances. It has also called for a review of the way the French budget is calculated. The Court has asked the French government to come up with a plan for saving the public finances by 2028.

DECRYPTION - By 2027, the France must achieve sixty billion in savings.

Sixty billion euros in savings by 2027. To meet its commitments vis-à-vis Brussels, and thus return to the European average, the France will have to seriously go to the diet, warns the Court of Auditors in its latest report on public finances. Given the magnitude of the challenge, the institution recommends reviewing budget software. "Despite many attempts, we have never succeeded in changing the dynamics of public finances for fifty years," insists Pierre Moscovici, the first president of the Court, who has just completed his latest report on the situation and prospects of French public finances.

In order to find a consensus on these subjects of spending cuts, by definition objects of tension, "we must get out of the in-between" and "accept that the issue of public finances is not reserved for a dialogue between a few within the executive," says Pierre Moscovici. "For that, you have to before...

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