"Our aim is to reduce the deficit to 5% (of GDP) in 2025, on the right path to reach the 3% ceiling in 2029," Barnier stated.
"The national debt of over 3.2 trillion, which represents more than 110% of France's GDP, is the true sword of Damocles hanging over the head of France."
Barnier emphasized, "Paying off debt is the second-largest line item in government spending behind education. Is it acceptable for us to spend more on interest payments than on our defense?"
He noted that public spending in France amounts to 57% of GDP, significantly higher than the 49% average across the rest of Europe.
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