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Fin Min Le Maire Speaks At Finance Committee Hearing

FRANCE
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Finance Minister Bruno Le Maire and Minister delegate for Public Accounts Thomas Cazenave are currently delivering evidence before the National Assembly Finance Committee. Livestream (in French) here. Le Maire states that 'we can and must meet our 2024 deficit target of 5.1% of GDP.' Adds that tax revenues may be 'weaker than expected.

  • In spite of the appointment of PM Michel Barnier last week, a new cabinet is not in place meaning that Le Maire and other ministers remain in place in a caretaker capacity until the new gov't is presented.
  • As Politico reported earlier today, "France is facing a so-called excessive deficit procedure for breaching EU rules on public spending last year. Its deficit ...stood at 5.5 percent of GDP in 2023, well above the 3 percent required by EU rules. The perspective looks gloomy this year too, with the risk the deficit could even get worse. La Tribune du Dimanche reported on Sunday that Paris had already asked Brussels to extend the Sept. 20 deadline for submitting its plan to reduce the deficit."
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Finance Minister Bruno Le Maire and Minister delegate for Public Accounts Thomas Cazenave are currently delivering evidence before the National Assembly Finance Committee. Livestream (in French) here. Le Maire states that 'we can and must meet our 2024 deficit target of 5.1% of GDP.' Adds that tax revenues may be 'weaker than expected.

  • In spite of the appointment of PM Michel Barnier last week, a new cabinet is not in place meaning that Le Maire and other ministers remain in place in a caretaker capacity until the new gov't is presented.
  • As Politico reported earlier today, "France is facing a so-called excessive deficit procedure for breaching EU rules on public spending last year. Its deficit ...stood at 5.5 percent of GDP in 2023, well above the 3 percent required by EU rules. The perspective looks gloomy this year too, with the risk the deficit could even get worse. La Tribune du Dimanche reported on Sunday that Paris had already asked Brussels to extend the Sept. 20 deadline for submitting its plan to reduce the deficit."