Bank of France Governor Urges Collective Action on Budget Cuts

François Villeroy de Galhau warns against resisting proposed savings, citing the risk of escalating national debt.

The governor emphasizes the need for shared responsibility among all sectors to address the country's financial challenges.
Proposed budget cuts aim to reduce France's spending by 40 billion euros, aligning with fiscal strategies of neighboring countries.
Villeroy de Galhau highlights France's higher social service costs compared to other European nations, urging efficiency improvements.
He mentions a likely decrease in European Central Bank interest rates, which could ease borrowing costs.
Local governments and businesses express strong opposition to the planned budget measures, signaling potential conflicts.