France’s Finance Minister, Antoine Armand, pledges that the 2025 budget will comply with the European Union’s spending rules as he gears up for a meeting with EU counterparts. The budget, set to be revealed on Thursday, aims to address France’s significant debt through a combination of spending reductions and new taxes.
Armand emphasized the importance of adhering to EU regulations, citing the need for international credibility. France, facing criticism from Brussels for exceeding budget limits, has been granted an extension to present a deficit reduction plan due to recent elections.
The government aims to reduce the deficit by €60 billion in 2025, with the goal of bringing it to five percent of GDP from the current estimate of 6.1 percent. Armand is optimistic about meeting the EU’s deficit reduction targets by 2029, underlining the French government’s commitment to economic stability and European solidarity.
Armand will engage with eurozone counterparts in Luxembourg to outline France’s policy priorities and assert its position on economic and financial issues.