The Minister of the Economy, Bruno Le Maire, promises to reduce the French public deficit to 3% of GDP in 2027

The European Commission opened the way on Wednesday to procedures for excessive public deficit against seven EU countries, including France.

The Minister of the Economy, Bruno Le Maire, promised, Friday June 21, to reduce the country’s public deficit to 3% of GDP in 2027 in the event of a victory for the presidential camp in the legislative elections. Paris was pinned down by Brussels on this subject: the European Commission opened the way on Wednesday to procedures for excessive public deficit against seven EU countries, including France, having exceeded the limit set at 3 last year % of GDP.

“We must restore the public accounts (…) This is exactly what we are doing and, depending on the decisions that will be taken by the French people, we will return below the 3% deficit in 2027”declared Bruno Le Maire, during a meeting of EU Finance Ministers in Luxembourg.

The French minister justified the slippage by the pandemic in 2020, then the inflation crisis in the wake of the war in Ukraine, from February 2022. “We protected the French economy a lot during the Covid crisis and during inflation and protected French households a lot. The result is that we are the first country in the euro zone to have regained its level of activity before the crisishe said. Obviously, we had to pay the price for that, that’s what explains this excessive deficit procedure.”

“Now we are at a time when we must restore public accounts to regain room for maneuver.”

Bruno Le Maire, Minister of the Economy

at a meeting of EU finance ministers

He attributed the fall in French financial markets and the rising cost of debt for France to spending promises from left-wing and far-right oppositions. “You have the programs put on the table by other parties and by the opposition with very significant public spending. This explains the reaction of the markets, the concerns expressed by the banking sector (…) These are the direct consequences totally senseless and irresponsible economic and financial programs”he said.