Report
France: update on the budget deficit ahead of the political crisis
No one expected the 2026 budget debate in the National Assembly to take place in a cordial atmosphere of seeking the common good. Nevertheless, the prime minister's decision to commit political suicide on 8 September complicates the issue. The objective of deficit reduction cannot be called into question without intensifying external pressure from the markets. However, the extent of the adjustment and how it will be achieved (taxes vs spending) are now uncertain for several weeks at least. The budget debate will not begin on the scheduled date, and the whole process could end up running late, as it did in 2024, prolonging the ‘wait-and-see’ stance evident among households and businesses.
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Bruno Cavalier
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