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Economics

Macron’s Party Sets Non-Negotiable Deficit Cap for Budget Debate

  • Finance committee’s Cazeneuve says 5% deficit is red line
  • Government could take more measures on deficit, Cazeneuve says

French President Emmanuel Macron won’t compromise on containing the budget deficit within 5% of economic output next year, even if that requires taking more restrictive measures when the economy is weak, a senior member of the National Assembly finance committee said.

“There is a red line we must not cross,” the committee’s rapporteur, Jean-Rene Cazeneuve, said at a meeting with the AJEF press association in Paris on Monday. “It’s really a question of credibility for public finances.”