Overview

• France's public deficit for 2023 rose from a projected 4.9% of GDP to 5.5%, and for 2024, from 4.4% to a staggering 6.1%, driven by overly optimistic revenue forecasts and uncontrolled spending.
• Pierre Moscovici, President of the Cour des Comptes, criticized former government officials for ignoring repeated warnings about fragile fiscal forecasts and the lack of spending control.
• Moscovici proposed enhancing the independence of fiscal oversight by expanding the role of the Haut Conseil des Finances Publiques (HCFP) to validate macroeconomic projections, as seen in other European nations like Portugal.
• The HCFP had previously flagged unrealistic growth estimates and incomplete government data, which Moscovici argued undermined fiscal credibility and transparency.
• Moscovici emphasized the need for a 'revolution' in public spending reviews to ensure the efficient use of public funds and prevent further fiscal mismanagement.