With France leaning against the wall, Macron pressures EU to change rules

France’s public deficit reached almost 6%, twice the goal defined by the European Union which is 3%. While his country risks sanctions, President Emmanuel Macron advocates new rules to be able to spend more and end regulations that define as “crazy”.

“This financial and monetary framework in which we live, It is expired“Macron analyzes in an interview with the newspaper, where he argues that eurozone countries should be able to spend more.

O Stability and growth pact eurozone countries, which use the euro as a single currency, imposes a public deficit up to 3%except in very exceptional circumstances.

has already been the target of procedures for having exceeded that goal, being forced to take Hard measures to lock public spending.

Now, it’s France which is being the subject of an excessive deficit procedure, incurring European Union (EU) sanctions if it does not lower the deficit.

In 2023, the French public deficit was 5,5%, And in 2024, it arrived almost 6%.

Macron government forecasts are to lower the deficit to 5.4% this year, anticipating reach the goal of 3% in 2029.

The Court of Auditors has already warned that “it is crucial to respect this trajectory, otherwise France will lose contact with its European partners.”

“The decline of the public deficit in the last two years has put France against the wall“This court also analyzed, as mentioned in the newspaper.

“Any new delay would make essential adjustments even more significant and difficult,” the same entity also warned at a time when the economic situation in France is “.”

Macron wants to review regulations that are “crazy”

But for Macron the problem is eurozone rules that are “lame”as stressed in the Financial Times.

The French President understands that this “is The moment of acceleration and execution ”of the European Economy.

“There is no choice anymore” Because “it’s the last stop,” “after that, it’s the departure of the highway,” he says.

Thus, Macron appeals to “Innovative” financing solutionssuggesting new joint loans, as occurred during COVID-19 pandemic to invest in defense, artificial intelligence and energy transition. But it’s not a fan of these ideas.

In the interview with Financial Times, Macron also defends the review of some of the EU regulations who says they are “Maluchices”considering them too expensive and unrealistic.

An example that cites are the fines foreseen against the car manufacturers that do not respect the sales quotas of electric cars.