Eurasia Group, a political-risk consultancy, deficit reduction “cannot be achieved without pension reform”.
Mindful of the deficit, he has postponed inheritance-tax cuts.
Amid market turmoil in Britain and political uncertainty in Italy, France looks like an oasis of relative stability.
The budget focuses on protecting the French from soaring energy prices.
on state subsidies to keep energy costs down
Public debt will remain at an alarmingly high 111% of gdp.
Not everyone agrees. French public finances will remain stretched. Next year sees no drop in the expected budget deficit, which will remain at 5% of gdp, or €159bn, the same level as in 2022
President Emmanuel Macron promised to raise the pension age from 62 years to 64 or 65
If he tries to force it through, the opposition and unions will take to the streets. If he delays the plan for yet more talks, he risks losing his credibility as a reformer
France spends about 14% of gdp on public pensions, compared with an oecd average of 8%.
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