The figure is staggering. The political and economic legacy immense. The indelible mark. By the end of Emmanuel Macron’s term, the public debt will, whatever happens, have increased by 1,000 billion euros since he came to power in 2017, to reach 3,280 billion euros. “From bullshit“This number means nothing. Debt only makes sense in relation to the wealth created,” Bruno Le Maire raged to journalists a few days ago.
Of course, the Covid-19 pandemic and the war in Ukraine have been there. All the countries in the Eurozone, without exception, have seen their accounts turn scarlet. But unlike our close neighbours, France has, for the moment, never put in sufficient resources to get back on track. This is, in essence, one of the messages conveyed by the latest report from the Court of Auditors on the state of our public finances, published this Monday. A scathing indictment, supported by implacable figures. “In 2025, according to the stability programmes, the French public debt would exceed its pre-crisis level by 15.2 points of GDP, compared to +3.7 points in Germany, +5.9 points in Spain and +4.7 points in Italy”, list the magistrates of the rue Cambon.
Unrealistic goals
As for the public deficit – the Minister of the Economy repeats it ad nauseam – it must, according to Bercy’s projections, fall below the 3% mark in 2027. A trajectory deemed “unrealistic” by the financial jurisdiction, due to “particularly optimistic” growth assumptions. Here again, France is playing small compared to other States. In 2026, it will be the only country not aiming to return below this threshold set by the Maastricht Treaty of 1992, unlike Germany, Spain or Italy.
The European Commission has not been mistaken. Brussels is preparing to officially validate the excessive deficit procedure against us. The future is uncertain, to say the least, given the French political situation. During the legislative campaign, the cleaning up of public finances never emerged as a major issue. Worse, it has faded into the background, while the situation is more than ever “worrying”, as the Court of Auditors points out. The trend was more towards spending than restraint. The ball is now in the court of the future government, whose lifespan could be counted in weeks. A budget to close already awaits it.