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

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI BRIEF: Former BOC Dep Beaudry Sees 2.75%-3% Rate In 2025

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

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: New Fin Min-'Budget Situation Serious'

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

France's newly-appointed Minister of Economy, Finances and Industry Antoine Armand speaking to France Inter earlier this morning continued the previous rhetoric from PM Michel Barnier outlining the difficult fiscal situation the country finds itself in. Asked about the prospect of increases in taxation, Armand said "Given the seriousness of the budgetary situation, how can everyone contribute intelligently?", adding "My job is to ensure that any levies that exist do not hinder growth or job creation."

  • Armand: "France is the country that taxes the most in the world, "the question we ask ourselves (...) is how we ensure that those who have a significant income or wealth pay a minimum of taxes...Targeted levies on the wealthiest households are under consideration".
  • Reports on 23 Sep that the gov't has requested the EU push back its deadline again for the submission of spending plans only serve to highlight the difficult situation the Barnier gov't finds itself in.
  • The political environment will also prove immensely challenging. The coalition of parties from the centrist pro-Macron Ensemble (Renaissance, MoDem, Horizons, UDI) and the conservative Republican Right (as Les Republicains are known in parliament) comprises just 212 out of 577 seats in the National Assembly.
  • With the leftist New Popular Front (NFP) set to bring censure votes against the gov't come the reconvening of parl't on 1 Oct, this will leave the gov't vulnerable to collapse or reliant on the support/abstention of the far-right Rassemblement National (RN).
239 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.

France's newly-appointed Minister of Economy, Finances and Industry Antoine Armand speaking to France Inter earlier this morning continued the previous rhetoric from PM Michel Barnier outlining the difficult fiscal situation the country finds itself in. Asked about the prospect of increases in taxation, Armand said "Given the seriousness of the budgetary situation, how can everyone contribute intelligently?", adding "My job is to ensure that any levies that exist do not hinder growth or job creation."

  • Armand: "France is the country that taxes the most in the world, "the question we ask ourselves (...) is how we ensure that those who have a significant income or wealth pay a minimum of taxes...Targeted levies on the wealthiest households are under consideration".
  • Reports on 23 Sep that the gov't has requested the EU push back its deadline again for the submission of spending plans only serve to highlight the difficult situation the Barnier gov't finds itself in.
  • The political environment will also prove immensely challenging. The coalition of parties from the centrist pro-Macron Ensemble (Renaissance, MoDem, Horizons, UDI) and the conservative Republican Right (as Les Republicains are known in parliament) comprises just 212 out of 577 seats in the National Assembly.
  • With the leftist New Popular Front (NFP) set to bring censure votes against the gov't come the reconvening of parl't on 1 Oct, this will leave the gov't vulnerable to collapse or reliant on the support/abstention of the far-right Rassemblement National (RN).