Former French Prime Minister Gabriel Attal assured the Senate that he had made strong decisions to control the budget deficit. He mentioned that they revised the growth forecast, increased the deficit target, made 20 billion euros in savings throughout the year, and prepared a state budget with 15 billion euros in savings. Attal, who is now the leader of Macronist MPs in the Assembly, claimed that his government identified and implemented a significant amount of savings within a short timeframe, demonstrating a high awareness of the tension on public finances during his time at Matignon. He criticized the political and media trial against former Economy Minister Bruno Le Maire, praising his dedication to reducing France’s debt.
The Senate, previously critical of Bercy and Le Maire, has accused them of insincerity and opacity regarding public finances. Le Maire defended himself against any wrongdoing or concealment in the face of France’s significant budget deficit, which is expected to reach 6.1% of GDP this year, far from the initial estimates of 4.4% in the fall of 2023 and 5.1% in the spring. The deficit is projected not to fall below the EU-mandated 3% of GDP until 2029, making France a poor student in the Union. This budgetary deviation has raised concerns about the accuracy of forecasts made by the previous Macronist government and has led to questions about their reliability.
The Senate, now under the leadership of Michel Barnier, will also hear from former Prime Minister Elisabeth Borne on November 15. The upper house will examine the 2025 budget proposal, which includes 60 billion euros in savings, starting next week. The focus will be on addressing the budget deficit and finding solutions to improve France’s financial situation. It remains to be seen how the current government will approach these challenges and whether they will succeed in implementing effective measures to stabilize the country’s finances and meet EU requirements.
Attal acknowledged the need for strong decisions to address the budget deficit, emphasizing the importance of prompt action and effective measures to control public spending. He highlighted the efforts made during his tenure to revise growth forecasts, increase savings, and prepare a budget that takes into account the financial constraints facing the country. The focus is on finding solutions to reduce the deficit and improve France’s financial standing in the eyes of the international community, particularly the EU, which closely monitors member states’ adherence to fiscal rules and regulations.
In conclusion, the Senate’s examination of the budgetary situation in France highlights the challenges faced by the country in managing its public finances. The need to address the budget deficit and implement measures to improve the financial situation is crucial for maintaining economic stability and credibility in the international arena. The role of government officials, such as former Prime Minister Gabriel Attal and former Economy Minister Bruno Le Maire, in addressing these challenges and finding solutions will be pivotal in shaping France’s financial future and ensuring compliance with EU regulations. The upcoming discussions and decisions made by the Senate will be crucial in determining the path forward for France and its efforts to stabilize its public finances.
