Massive public deficit: European Union blacklists France

2024-07-26 14:57:53

The ax finally fell. The European Union launched a maximum deficit procedure this Friday against France and six other countries in the group (Italy, Belgium, Hungary, Poland, Slovakia and Malta).

Unsurprisingly, the 27 followed the recommendation of the European Commission made in mid-July and noted that the seven capitals concerned did not respect their budget commitments to their partners – in particular not allowing the public deficit to exceed the threshold of 3% of GDP set by the Stability and Growth Pact.