The Governor of the Bank of France recommends “three-quarters of spending savings and one-quarter of targeted tax increases”

The governor of the Bank of France, François Villeroy de Galhau, who appeared on the morning show of France 2 on Wednesday, September 25, returned to the remarks of the new Minister of the Economy, Antoine Armand, who explained that France is facing one of the worst deficits in its history. According to the senior official, the minister is right because “The French disease is that it has accumulated too much deficit and therefore too much debt for too long, and this situation cannot continue.”.

“When there is a family that lives beyond its means, and it cannot balance its budget – this is the case in France – we can reduce its expenses, or we can increase its revenue. And there, the political debate rages. Common sense is that today, we must do both.” The governor of the Bank of France puts forward his formula: he recommends approximately three quarters of savings and one quarter of revenue with “some targeted, fair tax increases”. But it is not up to the Bank of France to decide,” he recalls.