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France’s budget woes cast a shadow over Macron’s European ambitions – POLITICO

“We have been hit by many shocks in recent years: the eurozone crisis, the Covid pandemic and our response was to spend as much as necessary, while interest rates were zero,” he said. he declares. “It’s over and the government can’t spend any more, but the population is used to it.”

Macron’s government also lacks a majority in the National Assembly, where recent parliamentary debates on state pension reform and budget balance have been particularly acrimonious. The French president will struggle to secure more budget-cutting laws thanks to a lower house divided between centrists, the far left and the far right.

And there is potentially more bad news to come. In April and May, rating agencies are expected to update their ratings on French debt, weeks before European elections, in which polls show Macron’s centrist group lagging behind the far right .

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talking is cheap

As budgets come under increasing pressure, France’s ability to walk the talk on its commitments to Ukraine has come under greater scrutiny. The 3 billion euros promised to Ukraine for 2024 have not yet been clearly budgeted, which has raised doubts and concerns among allies, notably the Germans.

France is also a strong supporter of a Czech initiative to buy ammunition from non-European countries to give to kyiv amid battlefield shortages. But he did not set a dollar amount for his support.

On Tuesday, Minister of the Armed Forces Sébastien Lecornu promised that aid to Ukraine would be limited despite a complicated economic context. France’s multi-year defense budget was drawn up last year at a time of very high inflation, and a drop in inflation has generated new savings, he said.

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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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