Has the moment of truth come for French public finances?
Spanning the pension reform, Bruno Le Maire announced in January that the government would carry out
“a review of public spending”
.
Bercy will therefore
"go through them all with a fine-toothed comb: State, local authorities, social field"
, under the authority of the Prime Minister, Élisabeth Borne, and with a view to preparing the 2024 finance bill, specified the Minister of Economy and Finance.
The objective of the maneuver is to "reduce the public deficit below 3% in 2027" and to lower the public debt (close to 3000 billion euros) "from 2026".
This reframing will seem provocative in the current socio-political situation where the objective of wanting to rebalance the accounts of old-age insurance is a big word for opponents of the reform.
But a great financier cannot ignore the rise in interest rates which makes the financing of this debt more and more perilous...
This article is for subscribers only.
You have 82% left to discover.
Want to read more?
Unlock all items immediately.
Without engagement.
TEST FOR €0.99
Already subscribed?
Login