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France among 7 nations subject to EU budget measures

France among 7 nations subject to EU budget measures

Posted on June 21, 2024   |  

The European Commission has recommended that France and 6 other countries face penalties for exceeding EU budget deficit limits.

By November, these countries must outline plans to reduce their deficits, potentially impacting French government spending plans after the June 30-July 7 election.

The other countries singled out are Belgium, Italy, Hungary, Malta, Poland, and Slovakia, with deficits attributed to post-pandemic and energy price crisis effects.

Italy, grappling with a high debt of nearly 138% of GDP and slow growth, is closely monitored by markets and vows to maintain financial stability.

The EU will reinstate the excessive deficit procedure, paused during the COVID-19 crisis, to enforce fiscal discipline amid ongoing economic challenges.

France recorded a deficit of 5.5% of GDP in 2023, expected to decrease slightly to 5.3% in 2024, well above the EU's 3% deficit limit.

French public debt reached 110.6% of GDP in 2023, projected to rise further to 112.4% in 2024 and 113.8% in 2025, significantly exceeding the EU's 60% debt threshold.



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