2026 Budget: Pierre Moscovici supports Bayrou's plan, judging that "an effort is necessary"

What does the first president of the Court of Auditors think of François Bayrou's plan to restore public finances? According to Pierre Moscovici, it is necessary not to back down on this project , although the government must "take into account the political demands of the opposition," he stated in an interview with Le Parisien .

In this interview, Pierre Moscovici assures that the Prime Minister's diagnosis, the same as that of the Court of Auditors, is "correct" : "France is over-indebted . " "An effort is necessary, " he continues. "It is time to put ourselves on a budgetary trajectory that brings us back below a 3% deficit in 2029. The Prime Minister's plan is an entry point that has the merit of being clear and coherent."

Asked about the fairness of this budgetary effort plan of 43.8 billion euros, the first president of the Court of Auditors explains that the measures undertaken will have to be judged on the basis of three points: "the distribution of the effort between the three levels of public administration, the State, local authorities, Social Security" , "savings in expenditure and taxation", and "fairness" between the working classes, the middle classes and the most fortunate .

Arguing that local government spending has increased over the past two years, as has health insurance spending, Pierre Moscovici assures that the State has "strictly controlled its spending." As for the blank year, he considers it "undoubtedly financially efficient," but he warns our colleagues at Le Parisien that it should not weigh more heavily on the incomes at the bottom of the scale. "The French must be aware that we will have difficult choices to make every year, for four or five years, and therefore long-term reforms, until we reach a deficit of 2.8%," he continues to warn.

Regarding tax loopholes, "some are indeed obsolete." Thus, given France's financial situation, each tax expenditure "should be limited in time and evaluated, regardless of the particular interests hidden behind each loophole," argues Pierre Moscovici.

The government's hoped-for savings measures will inevitably have an impact on consumption, investment, and ultimately on growth. But, "what matters are structural reforms. That's the difference between austerity and seriousness: France has the choice between a voluntary effort now and forced austerity tomorrow."

To this end, the first president of the Court of Auditors emphasizes that the conditions of the different political forces must be taken into account, in order to build "a majority of non-censorship . " Because in the absence of a majority in the National Assembly, no budgetary decision is possible without compromise, he argues.

Also questioned about possible surveillance of France by the International Monetary Fund (IMF), Pierre Moscovici does not believe "it is necessary to frighten with the threat of the IMF " . "The dangers that threaten us are enough" , such as "the strangulation of public action by the excessive burden of debt" and "the deterioration of our financing conditions on the markets" . According to him, the fear should rather be about a possible "financial accident".