France's central bank head calls for spending cuts, tax increases for wealthy, and a five-year fiscal tightening plan.

Francois Villeroy de Galhau, the head of France's central bank, advocates for spending cuts and tax increases, especially for the wealthy and large corporations, to tackle the country's significant debt. He suggests achieving a budget deficit target of 3% of GDP through 75% savings and 25% higher taxes. Villeroy emphasizes that France should adopt a five-year plan for fiscal tightening, extending beyond the previous 2027 timeline, as the current deficit stands at 5.1% of GDP.

September 18, 2024
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