The worst is never certain.
But the future promises to be particularly difficult in the field of public finances.
While the thorny issue of France's over-indebtedness remained almost absent from the debates during the presidential election campaign, Emmanuel Macron will not be able to close his eyes for very long to a public debt of more than 110% of GDP and a deficit which should still exceed 5% in 2022. For the state budget alone this year, the deficit already stood at 38.3 billion euros at the end of March, according to data published on Tuesday by Bercy.
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The Head of State is attacking his new mandate with public accounts degraded like never before.
At the start of its first five-year term, in 2017, everything seemed to be in place to seriously reduce spending with a view to finally bringing the public deficit below 3% of GDP.
The movement of the "yellow vests" at the end of 2018 gave a first blow to the dynamic.
Then, in 2020…
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