Hey there, finance enthusiasts! 📊 Guess what? France is stepping up its game to get its finances back on track! French Finance Minister Bruno Le Maire announced on Friday that France is determined to slash its public deficit to below 3% of GDP by 2027. That's some serious commitment! 💪
\"We have to come back to sound public finances and count on my total determination,\" Le Maire told reporters in Luxembourg. \"We will stick to the same path with the view to get the three percent, to be under the three percent by 2027.\" Talk about staying focused! 🎯
This announcement comes after the European Commission gave France (and a few other countries) a friendly nudge for breaking budget rules. On Wednesday, the Commission mentioned it would propose initiating a \"deficit-based excessive deficit procedure\" for Belgium, France, Italy, Hungary, Malta, Poland, and Slovakia. 😯
All these countries have deficits higher than the EU's limit of 3%. In fact, France's deficit was at 5.5% last year! Yikes! 😵💫 But fear not, because France is on a mission to turn things around.
Just a quick recap on the EU's rules: each member state's debt should not exceed 60% of its national output, and the deficit should be no more than 3%. It's like balancing your own budget but on a super-sized scale! 💶
So, keep an eye on France as it works hard to meet these goals. It's a big task, but with determination and a solid plan, anything is possible! 🚀
Reference(s):
cgtn.com
