ANALYSIS – While the coffers of the state are emerging from his first term, the president is planning new spending this summer.
The worst is never certain. But the future promises to be particularly difficult in the field of public finances. While the thorny issue of France’s over-indebtedness remained almost absent from the debates during the presidential election campaign, Emmanuel Macron will not be able to close his eyes for very long to a public debt of more than 110% of GDP and a deficit which should still exceed 5% in 2022. For the state budget alone this year, the deficit already stood at 38.3 billion euros at the end of March, according to data published on Tuesday by Bercy.
The Head of State is attacking his new mandate with public accounts degraded like never before. At the start of its first five-year term, in 2017, everything seemed to be in place to seriously reduce spending with a view to finally bringing the public deficit below 3% of GDP. The movement of the “yellow vests” at the end of 2018 gave a first blow to the dynamic. Then, in 2020…
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