The European Union’s executive arm is criticizing France for running up excessive debt, a stinging rebuke at the height of the election campaign where President Emmanuel Macron is fighting off challenges of the extreme right and the left.
These must-have Insider Deal household items are at unbeatable prices!French President Emmanuel Macron attends a video conference as part as the AI Summit Seoul 2024 from the Elysee Palace in Paris, Tuesday, May, 21, 2024.
For decades, the EU has set out targets for member states to keep their annual deficit within 3% of Gross Domestic Product and overall debt within 60% of output. Those targets have been disregarded when it was convenient, sometimes even by countries like Germany and France, the biggest economies in the bloc.Over the past years, exceptional circumstances like the COVID-19 crisis and the war in Ukraine allowed for leniency, but that has now come to an end.
Still, Wednesday's announcement touched a nerve in France, after Macron called snap elections after he lost out to the hard right of Marine Le Pen in the EU parliamentary polls on June 9. Le Pen's National Rally and a new united left front are polling ahead of Macron's party in the elections, and both challengers have put forward plans where deficit spending to get out of the economic rut is essential.
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