The Élysée argues that the technical details will arrive with the multi-year public finance programming bill, which should arrive in the fall.
While the spotlight is riveted on the tens of billions of euros of expenditure incurred to protect the purchasing power of the French, the consolidation of public accounts may nevertheless end up being essential. With public debt exploding to more than 110% of GDP in a delicate context of rising interest rates, financial room for maneuver is indeed becoming dangerously tight. During his July 14 interview, Emmanuel Macron tried to prepare people’s minds, whistling the end of subsidies and checks at all costs to counter inflation. “It is not possible for the State to take all the consequences for everyone“warned the Head of State.
The country is actually very far from the mark, lulled for decades by the illusion that France can live beyond its means. Today, the imperative is not only to normalize the situation, but to finally take the bull by the horns to reduce current expenditure. The sustainability of the accounts…
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