Following the hiatus related to the parliamentary elections, the Court of Accounts has resumed its publication schedule with its annual report on the situation and outlook for public finances. While the economic situation has returned to normal and inflation has abated, France now finds itself in a worrying situation. Public debt, driven by repeated deficits and by its size, is becoming increasingly expensive, constraining all other expenditure, hampering the country's ability to invest and leaving it dangerously exposed in the event of a new macroeconomic shock. This situation is all the more worrying given that the trajectory for reducing the public deficit does not include the essential investments that will have to be made to deal with climate change. France must now take difficult decisions to regain control of its public finances and honour its commitments, both to eurozone member countries and to future generations, through a credible strategy that preserves growth and social cohesion.
