Former Minister of Economy Bruno Le Maire prepared for his hearing before the Senate in Paris on November 7, 2024. He spent five weeks getting ready, reviewing interview reports, rereading his text messages, and searching his memory to save his political future and reveal the truth, as he says. Departing from Bercy on September 21, leaving behind a public deficit much worse than announced, Le Maire is now a professor in Lausanne, Switzerland, and is defending himself during the Senate hearing for an information mission on the worsening of public finances. He denies any lies or attempts to conceal the truth, stating that he has heard too many criticisms about ministers not telling the truth to not share his own truth.
In 2024, the state, local governments, and Social Security were initially expected to reduce their deficit to 4.4% of GDP. However, it is now projected to reach 6.1% of GDP, a difference of 50 billion euros. This unprecedented deterioration in finances has been attributed to overly optimistic forecasts, miscalculations, and a lack of responsiveness from the ministry, as speculated by many parliamentarians. Le Maire argues that there was no fault, concealment, or intent to deceive, but rather a serious error in revenue assessment that he addressed decisively. He claims that the budget crisis is primarily due to an incorrect evaluation of revenues by Bercy’s services, a factor over which he had no control.
During the Senate hearing, Le Maire blames the drastic deterioration in economic conditions and exceptional collapse in tax revenues for the budget crisis. He claims that efforts were made to preserve the restoration of public accounts rapidly, seriously, and with complete transparency. He is relentless in addressing the criticism from all sides, rebuking those who asked him to implement measures totaling nearly 400 billion euros during the Covid-19 and inflation crises. Le Maire acknowledges that as a minister, he did not have complete control over decisions made, and feels that he has become a scapegoat in recent weeks, feeling victimized by what he calls a “state scandal.”
Le Maire spent over two hours addressing the senators, standing by his decisions and actions. He criticizes politicians of all affiliations who pressured him to implement significant measures during challenging times, highlighting the lack of support he received even from his own party. With a conversion from Les Républicains (LR) to the Macron camp in 2017, he believes he has been unfairly targeted and vilified. Le Maire has expressed his frustrations during a lunch with the President and former Prime Ministers on October 24, warning about the attacks on Emmanuel Macron’s economic policies and the potential repercussions if the criticism persists.
Despite facing relentless questioning and criticism, Le Maire remains steadfast in defending his actions and decisions during his time as Minister of Economy. He describes the challenges faced, the efforts made to address the budget crisis, and the need for transparency and accountability in government decisions. Throughout his hearing before the Senate, Le Maire maintains his stance on the circumstances leading to the financial challenges, determined to provide his version of events and defend his integrity in the face of mounting scrutiny and political pressure.
