MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

FRANCE: Amid Tight Timeline, Minister Says Budget Could Come On 9 Oct

FRANCE
Homepagemarkets-real-timePolitical RiskPolitical Risk BulletCEEMEAEurozoneFranceGlobalBulletMarketsFixed Income BulletsForeign Exchange BulletsRegion

Speaking in front of the National Assembly Finance Committee, France's new Budget Minister Laurent Saint-Martin has confirmed that the gov't will look to present a budget bill in early October, potentially on Wednesday 9th. Amid what several incoming ministers have called a 'difficult' budget scenario, Saint-Martin says that France's gov't budget deficit risks exceeding 6% of GDP this year. 

  • The minister sought to highlight the inclination of the Barnier gov't towards spending cuts rather than tax hikes, saying "We will not straighten out our public finances by reducing public spending on the one hand and by increasing the tax lever on the other, that will not work. We will straighten out the accounts by reducing our spending first and foremost,"
  • As Le Parisien reports, "Before reaching Parliament, the draft budget must be presented to the Council of Ministers and, first, must pass under the scrutiny of the High Council of Public Finances (HCFP) and the Council of State. Parliament has 70 days, as provided for in the Constitution , to debate the budget, and the Constitutional Council has 5 days to study the probable appeals."
  • First president of the Court of Auditors, Pierre Moscovici, said that a planned submission to parliament on 9 Oct would require its presentation to the HCFP on 27 Sep, or 30 Sep 'at the latest'. 
219 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Speaking in front of the National Assembly Finance Committee, France's new Budget Minister Laurent Saint-Martin has confirmed that the gov't will look to present a budget bill in early October, potentially on Wednesday 9th. Amid what several incoming ministers have called a 'difficult' budget scenario, Saint-Martin says that France's gov't budget deficit risks exceeding 6% of GDP this year. 

  • The minister sought to highlight the inclination of the Barnier gov't towards spending cuts rather than tax hikes, saying "We will not straighten out our public finances by reducing public spending on the one hand and by increasing the tax lever on the other, that will not work. We will straighten out the accounts by reducing our spending first and foremost,"
  • As Le Parisien reports, "Before reaching Parliament, the draft budget must be presented to the Council of Ministers and, first, must pass under the scrutiny of the High Council of Public Finances (HCFP) and the Council of State. Parliament has 70 days, as provided for in the Constitution , to debate the budget, and the Constitutional Council has 5 days to study the probable appeals."
  • First president of the Court of Auditors, Pierre Moscovici, said that a planned submission to parliament on 9 Oct would require its presentation to the HCFP on 27 Sep, or 30 Sep 'at the latest'.