Pierre Moscovici Criticizes Bruno Le Maire's Economic Management Amid Rising Deficit
France's budget deficit projections for 2023 and 2024 have been significantly revised, prompting criticism from the First President of the Court of Auditors.
On January 21, 2025, Pierre Moscovici, the First President of the French Court of Auditors, publicly criticized former Minister of Economy and Finance Bruno Le Maire during a hearing before the investigative commission of the French National Assembly.
The focus of Moscovici's criticism was the deviation in the budget deficit, which did not meet the projected targets for 2023 and 2024.
Initially, the deficit was projected to be 4.9% of GDP for 2023; however, it reached 5.5%.
The forecast for 2024 aimed at reducing the deficit to 4.4%, but current estimates suggest it could rise to 6.1%.
This increase is attributed mainly to an overestimation of revenue, which calls into question the fiscal planning strategies implemented under Le Maire's leadership.
This matter was brought to light as the commission seeks clarity on the reasons behind the deficit's 'slippage'.
Moscovici's statements underscore the need for improved accuracy in fiscal forecasts and accountability in economic management as France grapples with these financial challenges.
In a related political development, Eric Coquerel, a member of the National Assembly from La France Insoumise (LFI), issued a warning to the Socialist Party regarding budgetary proceedings.
Coquerel emphasized that if the party did not move to censure François Bayrou over budgetary issues, future political maneuvers could involve the Minister of the Interior, Bruno Retailleau.
Retailleau has publicly expressed plans to revise the State's medical aid, a move that could lead to significant policy shifts.
These events come as France approaches a critical period of economic evaluation and political negotiation, with measures aimed at fiscal consolidation and future budgetary stability remaining key priorities for the government.
The focus of Moscovici's criticism was the deviation in the budget deficit, which did not meet the projected targets for 2023 and 2024.
Initially, the deficit was projected to be 4.9% of GDP for 2023; however, it reached 5.5%.
The forecast for 2024 aimed at reducing the deficit to 4.4%, but current estimates suggest it could rise to 6.1%.
This increase is attributed mainly to an overestimation of revenue, which calls into question the fiscal planning strategies implemented under Le Maire's leadership.
This matter was brought to light as the commission seeks clarity on the reasons behind the deficit's 'slippage'.
Moscovici's statements underscore the need for improved accuracy in fiscal forecasts and accountability in economic management as France grapples with these financial challenges.
In a related political development, Eric Coquerel, a member of the National Assembly from La France Insoumise (LFI), issued a warning to the Socialist Party regarding budgetary proceedings.
Coquerel emphasized that if the party did not move to censure François Bayrou over budgetary issues, future political maneuvers could involve the Minister of the Interior, Bruno Retailleau.
Retailleau has publicly expressed plans to revise the State's medical aid, a move that could lead to significant policy shifts.
These events come as France approaches a critical period of economic evaluation and political negotiation, with measures aimed at fiscal consolidation and future budgetary stability remaining key priorities for the government.
