Michel Barnier, France's new prime minister, emphasized that the country's financial situation is critical. He stated, 'The budget hole requires immediate and responsible action.' His remarks came amidst concerns regarding the government's efforts to manage a soaring deficit and ballooning debt, considered among the highest in Europe. Barnier's urgency signals a need for decisive measures to stabilize France's economy and comply with EU budgetary regulations, highlighting the daunting task ahead for the new administration.
Francois Villeroy de Galhau, governor of the French central bank, underlined the severity of France's financial predicament during a television interview. He warned that 'we have too much debt, too much deficit' and stressed the necessity of significant budget adjustments. Villeroy pointed out that three-quarters of the deficit would need to be addressed through spending cuts, which contradicts President Macron's earlier promises against new tax increases. His insights reflect the pressing challenges within the French economic landscape.
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