The objective set by the outgoing government to reduce the public deficit to 5.1% of GDP (Gross Domestic Product) in 2024 would ‘not be achieved,’ estimated the former French Minister of Finance from 2012 to 2014, Pierre Moscovici, demanding to tell the truth to the French through the draft finance law for 2025.

France is the subject of a procedure initiated by Brussels for excessive public deficits.

The former Minister of Finance from 2012 to 2014, Pierre Moscovici, considered it “neither possible nor desirable” to bring the public deficit below 3% of GDP in 2027 in France, an objective recently reaffirmed by Paris.

This would require making too massive savings which would penalise growth, according to him.

Returning to 3% of GDP in 2029, in order to comply with European budgetary rules, “seems more reasonable to me”, he maintained.

“It is imperative to tell the truth to the French through the draft finance bill” for 2025 which is supposed to be presented to Parliament at the beginning of October, “the
n the national medium-term budget plan that the government must transmit to the (European) Commission a few days later,” stressed Mr. Moscovici.

For Prime Minister Michel Barnier, France’s budgetary situation “deserves better than little phrases. It demands responsibility.”

Source: Burkina Information Agency