Prime Minister Michel Barnier pledged new taxes and public spending cuts to reduce a "colossal" debt, in a policy address to the French parliament. France's debt reached more than 110 percent of GDP in the second quarter of 2024.
"Our aim is to reduce the deficit to five percent [of GDP] in 2025, on the right path to reach the three-percent ceiling in 2029," meeting the European Union target two years later than previously planned, Barnier said as he laid out his government's policy programme.
He called France's "colossal" debt of over 3.2 trillion euros - more than 110 percent of GDP - "the true sword of Damocles [...] hanging over the head of France and of every French person".
He said that two-thirds of deficit reduction would come from slashing spending from its present 57 percent of GDP - far above the 49-percent European average.
Michel Barnier speech
However, while France has "among the highest taxes in the world," there would be "a time-limited effort that must be shared, with an insistence on tax justice" or equitably sharing the burden, Barnier added.
Highly-profitable big companies and wealthy individuals would both be called on to pay more, he said.
France to consider corporate tax increase to lower budget deficit
'Red lines'
He called out "a second sword of Damocles that is just as terrible: the environmental debt we are leaving as a legacy to our children".
France would bet on both its traditional strength in nuclear power and renewables to reduce carbon emissions, he said.
Barnier opened the door to tweaking last year's hugely unpopular pension reform that raised the retirement age.
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And in a list of red lines, he vowed "zero tolerance for racism and anti-Semitism" and protection for "freedoms achieved over the years" including on abortion, gay marriage and in-vitro fertilisation.
Barnier's pledges directed at far-right voters included greater "security in daily life", where "the public will be reassured by the presence of law enforcement".
He added that "France will continue to re-establish checks on its own borders for as long as necessary, as is allowed under European rules and as Germany has just done".
In talks with major countries of origin for irregular migration, France would threaten reductions in the number of visas issued for legal travel, Barnier warned.
His comments on immigration follow the rape and murder of a 19-year-old Paris student where a Moroccan man due to be deported was named as the suspected attacker.
MPs observed a minute of silence for the victim, named as Philippine, as the parliamentary session opened.
(with AFP)
