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France Unveils Plan to Address Budget Deficit Challenges

The government introduces transparency measures, a new oversight committee, and public engagement initiatives to tackle rising deficits and restore fiscal stability.

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Ce lundi, les ministres de l’Économie, Éric Lombard, et des Comptes publics, Amélie de Montchalin, un plan pour renforcer « le pilotage des finances publiques ».
La ministre des Comptes publics Amélie de Montchalin et le ministre de l'Économie Éric Lombard à l'Assemblée nationale, à Paris, le 12 février 2025.
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Overview

  • The French government has announced a comprehensive plan to improve the management of public finances after significant budget deficit overruns in 2023 and 2024.
  • A 'comité d’alerte' (alert committee) will be established to monitor public spending and revenue forecasts, meeting three times annually with ministers, parliamentarians, and other key stakeholders.
  • The plan emphasizes increased transparency, including systematic consultations with the Haut Conseil des Finances Publiques and the creation of a 'circle of forecasters' to ensure accurate economic predictions.
  • A national initiative, 'Notre nation, nos finances,' aims to engage citizens in discussions about the budget and address public concerns about financial decision-making processes.
  • The initiative responds to warnings from credit rating agency S&P, which recently downgraded France's debt outlook to 'negative,' highlighting the urgency of achieving the 2025 deficit target of 5.4% of GDP.