The European Union’s executive arm is criticizing France for running up excessive debt, astinging rebuke that comes at the height of the election campaign where President Emmanuel Macron is fighting off challenges of the extreme right and the left.
BRUSSELS — The Europe an Union’s executive arm on Wednesday criticized France for running up excessive debt, a stinging rebuke that comes at the height of the election campaign where President Emmanuel Macron facing a strong challenge from the extreme right and the left.
France was one of seven nations instructed by the EU Commission to start a so-called “excessive deficit procedure,” the first step in a long process before any member state can be hemmed in and moved to take corrective action. For decades, the EU has set out targets for member states to keep their annual deficit within 3% of Gross Domestic Product and keep overall debt within 60% of output. During that time, thosesuch 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.Pharrell at Louis Vuitton celebrates the diversity of human skin in Paris UNESCO showLe 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.
France European Union General News Eurocopa 2024 Politics Belgium Government Marine Le Pen F Business Emmanuel Macron I World News France Government Elections
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