Overview

• Pierre Moscovici reminded lawmakers that finance law rules guarantee 70 days of debate, effectively requiring a budget by October 15.
• He judged the fiscal outlook as not critical but more worrying than a year ago, stressing market sensitivity because 53–55% of French debt is held by non‑residents.
• France’s public debt stands near 114% of GDP, and the interest bill has climbed from €21 billion in 2021 to about €63 billion in 2025, with a risk of becoming the largest budget item in 2026 if unchecked.
• The government’s plan defended by Prime Minister François Bayrou seeks €44 billion in savings to steer the deficit below 3% of GDP by 2029, a target Moscovici said should not slip.
• He urged cross‑party compromise ahead of the September 8 confidence vote and dismissed talk of an IMF scenario, saying the core issue is the mounting cost of servicing the debt.