It is still unclear who will govern France in the future. However, from the perspective of the Court of Auditors, the government will have to implement a strict austerity policy. The neighboring country is heavily indebted.
France’s Court of Auditors is extremely concerned about the country’s growing debt and has called on a future government to return to responsible financial planning. “France’s situation is in stark contrast to that of its main European partners, who managed to stabilize or even significantly reduce their deficits by 2023,” the Court of Auditors said in its annual report on public finances in Paris.
France must make difficult efforts to regain control of its public finances in order to meet EU targets and ensure growth and social cohesion for future generations, it said. The EU Commission is already conducting an excessive deficit procedure against France because of excessive new debt.
“Whoever governs France tomorrow, the next government will have to deal with this situation of public finances,” said Pierre Moscovici, President of the Court of Auditors, to the broadcaster France Inter. “It will have to reduce our debt,” regardless of whether it is a left-wing or right-wing government. In doing so, growth must not be endangered and the tax burden must not be increased too much. Growing repayment obligations and interest are increasingly limiting the state’s ability to act.
After the parliamentary election a week ago, the future government of France remains open, even after negotiations at the weekend. The victorious left-wing alliance has so far failed to find partners for a stable government or to name candidates for the office of prime minister. President Emmanuel Macron’s centrist camp, which suffered a defeat and came in second, has also so far failed to find partners for a government coalition.
Source: Stern
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