François Bayrou and the wall of debt
The public debt wall is not yet a reality, nor is the call for the IMF to manage French public finances. The state is not unable to meet its commitments.…
Philippe Waechter's blog
Three questions for back to work – France – Part III
The government’s commitment in the 2026 budget is a deficit of 4.6% of GDP compared to 5.4% in 2025. A saving of almost 44 billion compared to 2025.The long-term goal…
After the failure of the conclave
There will ultimately be no agreement on pensions. The conclave convened by Prime Minister François Bayrou to improve the reforms implemented by the Borne government has failed. Employers’ and employees’…
A moratorium in the wrong direction
The French National Assembly’s vote on the amendment relating to the moratorium on wind and solar power comes at a time when the government was due to clarify its climate…
Should we tax wealth?
Is the Zucman tax on taxpayers with assets of more than €100 million justified? This is the question currently being debated in the French Senate. 8 points plus 1 1-…
The question of the social model in France – Social VAT
The level of social spending is subject to only marginal reforms since the objective is to curb its progression rather than to reverse the trend, which is probably not sustainable…
The question of the social model in France
The continued deterioration of public finances raises the question of financing the social model. As a reminder, social spending represented 1% of GDP in 1938, 15% in 1960, 25% in…
The nagging problem of public finances in France
The IMF is skeptical about the French ability to control their public finances. According to April projections, the public deficit would remain close to 6% of GDP until 2030. This…