On September 18, Prime Minister Michel Barnier described France’s budgetary situation as “very serious” in an interview with AFP. He emphasized the need for more information to fully understand the “precise reality” of the country’s public finances.

France was recently placed under a formal procedure for breaching European Union budgetary rules, a situation that arose before Barnier took office earlier this month. Additionally, the Bank of France has cautioned that aiming to meet EU deficit rules by 2027 is “not realistic.”

France’s public sector deficit is projected to reach around 5.6 percent of GDP this year and go over six percent in 2025, which compares with EU rules calling for a three-percent ceiling on deficits.

Barnier, appointed by President Emmanuel Macron after protracted wrangling in the wake of an inconclusive parliamentary election, has floated possible tax rises to help stabilize finances, a measure Macron has ruled out during the seven years he has been president.