During a debate on the orientation of public finances at the National Assembly on April 29, 2024, Eric Coquerel, a member of the “unbowed” party from Seine-Saint-Denis and president of the finance committee, expressed opposition to the government’s handling of public finances. Despite the French credit rating being maintained by Moody’s and Fitch, criticism of the government’s fiscal management continued. The debate, which did not involve a vote, saw the left, right, and far-right parties all targeting the Macron government for the budget deficit exceeding expectations at 5.5% of GDP in 2023, up from the projected 4.9%.
In his defense, Minister of Economy Bruno Le Maire acknowledged the revenue shortfall in 2023 and stressed the need to avoid repeating such mistakes. He maintained that while there was a one-off incident, the government had previously met its deficit and growth targets. Le Maire extended an olive branch to opposition members, expressing a desire to work together to bring the deficit back below 3% of GDP by 2027. However, concerns were raised by independent organizations like the High Council of Public Finances regarding the lack of credibility and consistency in the growth forecasts presented in the government’s stability program.
Opposition members reiterated these concerns during the debate, with warnings that the government was facing a crisis in its finances. Véronique Louwagie, a member of the Republicans, highlighted 2023 as a particularly challenging year for the country’s finances and urged the government to take action. Boris Vallaud, president of the Socialist party, criticized the government’s budgetary direction, accusing them of incompetence, lies, social brutality, economic inefficiency, and financial deadlock. The debate ultimately led to the government being pressured to release the national reform program for 2024, a supplementary document to the stability program sent to Brussels.
Following the two-hour debate, an ultimatum was issued by the far-right National Rally and the Left Unbowed party, both expressing their intention to table a vote of no confidence to overthrow the government before the European elections on June 9. This move signaled a significant challenge to the Macron administration as they faced mounting criticism over their handling of public finances. The debate highlighted deep divisions within the National Assembly regarding the government’s fiscal policies and exposed the growing discontent among opposition members in the lead up to the upcoming elections. The call for a vote of no confidence added further pressure on the government to address the concerns raised during the debate and take decisive action to regain control over the country’s financial situation.
