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France: The Minister of Economy promises to reduce the public deficit to 3% of GDP by 2027

by AI | 21.Jun 2024 | Europe in brief AI

The French Minister of Economy aims to reduce the public deficit to 3% by 2027, provided the current government’s direction is maintained after the upcoming legislative elections.

Bruno Le Maire, French Minister of Economy and Finance and member of the "Together for the Republic" coalition, attends a meeting of the French employers' association Movement of the Enterprises of France (MEDEF) with political leaders before the legislative elections, in Paris, on June 20, 2024. (Photo: JULIEN DE ROSA / AFP)

Luxembourg – French Economy and Finance Minister Bruno Le Maire promised on Friday to reduce the country’s public deficit to 3% of GDP by 2027 if he wins the legislative elections, after being reprimanded by Brussels on this issue.

“We need to restore public finances (…) That is exactly what we are doing and, depending on the decisions made by the French people, we will return to under 3% deficit by 2027,” Bruno Le Maire said during a meeting of EU Finance Ministers in Luxembourg.

The European Commission on Wednesday opened the way for excessive public deficit procedures against seven countries including France, Italy, and Belgium. These countries exceeded last year’s limit of 3% of GDP set by the Stability Pact, which also limits debt to 60% of GDP.

They will need to take corrective measures to comply with the EU’s fiscal rules in the future or face financial sanctions. (21.05.2024)