The rapid deterioration of French public finances since the pandemic is undermining President Emmanuel Macron’s claim to European leadership
When star forward Kylian Mbappé signed a three-year extension to his contract with Paris Saint-Germain in 2022, fans of the legendary soccer club were not the only ones who cheered.
The rapid deterioration of French public finances since the pandemic is undermining Mr. Macron’s claim to European leadership. France’s debt-to-GDP ratio is now the third-highest in the 20-country euro area, after Greece and Italy. And French government expenditure as a proportion of the GDP remains the highest in the 27-member European Union, at 57.3 per cent –Mr.
Mr. Le Maire played down the significance of Friday’s downgrade, insisting that the lowering of France’s credit rating would not affect investors’ appetite for French bonds. Still, the interest spread between French and German bonds has widened since the pandemic to around 50 basis points and could grow further in the coming months if Mr. Le Maire fails to make good on his promise to cut a total of €40-billion in spending this year and in 2025.
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