{"id":6319,"date":"2024-02-12T15:57:42","date_gmt":"2024-02-12T14:57:42","guid":{"rendered":"https:\/\/lecercledeseconomistes.fr\/articles\/%cat-post-theme%\/is-gabriel-attals-economic-program-financeable\/"},"modified":"2024-04-02T18:07:09","modified_gmt":"2024-04-02T16:07:09","slug":"is-gabriel-attals-economic-program-financeable","status":"publish","type":"blog","link":"https:\/\/lecercledeseconomistes.fr\/en\/articles\/finance-en\/is-gabriel-attals-economic-program-financeable\/","title":{"rendered":"Is Gabriel Attal&#8217;s economic program financeable?"},"content":{"rendered":"\n<div class=\"wp-block-group section-content-layout-without-cover is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns is-not-stacked-on-mobile is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"block--post-meta\" >\n\n    <ul class=\"block--post-meta-list\">\n\n        \n            <li>\n                <p class=\"style-p-secondary-bold\">date<\/p>\n                <time datetime=\"2024-02-12T15:57:42+01:00\"class=\"style-p-secondary-normal\">12 f\u00e9vrier 2024<\/time>\n            <\/li>\n\n            <li>\n                <p class=\"style-p-secondary-bold\">update<\/p>\n                <time datetime=\"2024-04-02T18:07:09+02:00\" class=\"style-p-secondary-normal\">2 avril 2024 \u00e0 18:07<\/time>\n            <\/li>\n\n            \n            <li>\n                <p class=\"style-p-secondary-bold\">author<\/p>\n\n                <div class=\"container__authors\">\n\n                    \n                        <a class=\"style-p-secondary-normal\" href=\"https:\/\/lecercledeseconomistes.fr\/en\/presentation\/members-and-authors\/members\/christian-saint-etienne\/\">Christian Saint-Etienne<\/a>\n                     \n                    \n                <\/div>\n            <\/li>\n            \n        \n            \n            \n            \n\n            \n                <li>\n                    <p class=\"style-p-secondary-bold\">reading time<\/p>\n                                        <p class=\"style-p-secondary-normal\">2 minutes<\/p> \n                <\/li>\n\n            \n\n        \n        \n    <\/ul>\n\n    \n        \n        <div class=\"container-post-social-share\">\n\n            \n<div class=\"block--post-social-share\" >\n\n    \n    <ul class=\"container-socials\">\n\n        <li>\n            <a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Flecercledeseconomistes.fr%2Fen%2Farticles%2Ffinance-en%2Fis-gabriel-attals-economic-program-financeable%2F\" title='Partager sur Facebook' target='_blank'>\n                \n                <svg class=\"facebook\" width=\"27\" height=\"26\" viewBox=\"0 0 27 26\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<path class=\"one\" d=\"M25.6539 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18.4701 15.023 18.4971 15.116 18.4971C16.2 18.4941 17.285 18.4951 18.369 18.4941C18.41 18.4941 18.455 18.5081 18.5 18.4751C18.491 18.4601 18.484 18.4461 18.475 18.4331C17.967 17.7801 17.459 17.1271 16.95 16.4741C15.857 15.0701 14.764 13.6651 13.669 12.2631C13.615 12.1941 13.608 12.1541 13.676 12.0861C13.953 11.8081 14.221 11.5231 14.493 11.2411C15.534 10.1631 16.576 9.08512 17.617 8.00612C17.771 7.84612 17.924 7.68612 18.099 7.50212C17.814 7.50212 17.56 7.50912 17.308 7.49912C17.177 7.49412 17.091 7.53712 17.004 7.62812C15.749 8.93112 14.49 10.2301 13.235 11.5331C13.168 11.6031 13.146 11.5891 13.095 11.5221C12.077 10.2121 11.057 8.90312 10.04 7.59212C9.986 7.52212 9.93 7.50012 9.844 7.50012C8.777 7.50212 7.71 7.50112 6.643 7.50212C6.603 7.50212 6.557 7.48512 6.517 7.52512C6.53 7.54312 6.542 7.56012 6.554 7.57712C8.082 9.55512 9.609 11.5331 11.139 13.5091C11.198 13.5851 11.209 13.6261 11.133 13.7041C9.764 15.1131 8.399 16.5251 7.034 17.9371L7.035 17.9391ZM8.059 8.30412C8.043 8.28412 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d=\"M24.8649 0.587891H0.0258789V25.4269H24.8649V0.587891Z\" stroke=\"#5B5B5B\" stroke-miterlimit=\"10\"\/>\n<path class=\"two\" d=\"M18.1309 13.5412C18.1539 15.1962 18.144 16.8512 18.144 18.5062C18.1386 18.5827 18.1283 18.6588 18.1138 18.7342C17.4238 18.7342 16.743 18.7342 16.063 18.7342C15.826 18.7342 15.8902 18.5472 15.8892 18.4182C15.8892 17.2602 15.8892 16.1022 15.8892 14.9432C15.8892 14.8222 15.8892 14.7002 15.8892 14.5792C15.8913 14.3853 15.8548 14.1928 15.7817 14.0132C15.7087 13.8336 15.6002 13.6703 15.4634 13.5329C15.3265 13.3955 15.1637 13.2867 14.9844 13.2129C14.805 13.1391 14.6129 13.1018 14.4189 13.1032C14.005 13.0978 13.6058 13.2566 13.3086 13.5448C13.0114 13.833 12.8404 14.2272 12.833 14.6412C12.816 15.8412 12.8332 17.0412 12.8252 18.2482C12.8252 18.7912 12.8952 18.7332 12.3252 18.7362C11.7552 18.7392 11.1838 18.7362 10.5918 18.7362V11.1462H12.8198V12.1112C12.9688 11.9552 13.0519 11.8742 13.1279 11.7882C14.1279 10.6732 17.1092 10.5882 17.9092 12.5482C18.0427 12.863 18.1176 13.1994 18.1309 13.5412Z\" fill=\"#5B5B5B\"\/>\n<path class=\"three\"d=\"M8.09164 7.27812C8.36496 7.27255 8.63415 7.34853 8.86411 7.49635C9.09406 7.64417 9.27472 7.85713 9.38315 8.10808C9.49157 8.35903 9.52247 8.63659 9.4725 8.90535C9.42253 9.17412 9.29376 9.4219 9.10239 9.61711C8.91101 9.81232 8.66601 9.94611 8.39829 10.0014C8.13056 10.0567 7.85251 10.031 7.59946 9.92755C7.34641 9.82413 7.12974 9.64767 6.97739 9.42069C6.82504 9.19371 6.74385 8.92649 6.74399 8.65312C6.73999 8.47373 6.77175 8.29535 6.83774 8.12849C6.90373 7.96163 7.00265 7.80966 7.12827 7.68153C7.25388 7.5534 7.40367 7.4517 7.56918 7.38242C7.7347 7.31314 7.91221 7.27767 8.09164 7.27812Z\" fill=\"#5B5B5B\"\/>\n<path class=\"four\"d=\"M9.22314 11.1509V18.7169H7V11.1509H9.22314Z\" fill=\"#5B5B5B\"\/>\n<\/svg>            <\/a>\n\n        <\/li>\n        \n<\/ul>\n\n  \n    \n    \n<\/div>\n        <\/div>\n\n\n        \n\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p><strong>Between the maintenance of the promised tax cuts and the \u20ac12 billion in savings to be made in the 2024 budget, Prime Minister Gabriel Attal&#8217;s programme raises the question of its financing. For Christian Saint-Etienne, the main difficulty lies in the control of public spending<\/strong><\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>The Prime Minister&#8217;s general policy speech outlined a number of avenues to promote work, encourage the construction of housing, &#8220;rearm our health system&#8221;, act for schools and restore authority. The standards for farmers must be simplified, while the ecological transition will be accelerated by the creation of an ecological civic service and the commissioning of the Flamanville EPR.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>In order to promote work, it is planned to reduce taxes on the middle classes by 2 billion euros while generalizing the reform of the RSA with an obligation of 15 hours of weekly integration activity. To revive construction, Mr. Attal proposes to integrate intermediate rental housing into the law on solidarity and urban renewal (SRU). It also wants to designate 20 &#8216;territories committed to housing&#8217; with the aim of creating 30,000 new housing units within three years. The recurring theme of this speech is the need to simplify standards, in agriculture as well as for VSEs\/SMEs. In particular, it advocates refocusing the work of the National Commission for Public Debate (CNDP) on projects of national scope in order to simplify the procedures affecting other projects.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Stifling standards and procedures<\/h2>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>Mr. Attal is not the first &#8216;Prime Minister&#8217; to commit to reforming and simplifying standards and procedures, which does not prevent the straitjacket of standards and procedures from constantly growing and stifling initiatives. Above all, he is facing a tense budgetary situation with a public deficit that remains above 4.5% of GDP, a debt that remains around 110% of GDP, so that his room for manoeuvre is reduced even if the measures he has announced do not deliberately worsen the situation of public finances.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>The main difficulty still lies in controlling public spending which, according to the European Commission&#8217;s economic forecasts, will remain around 56% of GDP in 2024 and 2025, i.e. 8 points of GDP above the average public spending of the other 19 countries in the euro zone. The public deficit will not fall and will remain at 4.5% of GDP in 2024-2025, i.e. a third more than in the rest of the euro area, whereas it would need to be brought down to around 1.5% of GDP to trigger a real downward movement in the public debt burden. However, Mr. Attal&#8217;s programme does not remedy the unbearable burden of public spending and will not reduce the deficit.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">The only victim of the double deficit<\/h2>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>France is thus the only major country in the euro zone hit by the double deficit, that of public finances and that of the current account balance, which will remain around 2.4% of GDP in 2024 and 2025, as in 2023. One day we will have to halve the gap in public spending with our neighbours in the euro zone and allocate the 4 points of reduction in the public spending ratio to the reduction of the deficit and the reduction of taxes.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>The economic situation in France remains extremely worrying, its performance lag compared to the other countries of the euro zone is worrying and the general policy speech of Mr. Attal, a very sympathetic character, does not outline prospects allowing the French economy to regain sustainable dynamism.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"featured_media":5669,"parent":0,"template":"wp-custom-template-single-post-classic","cat-post-theme":[137],"cat-post-type":[135],"cat-blog-event-media-type-serie":[],"class_list":["post-6319","blog","type-blog","status-publish","has-post-thumbnail","hentry","cat-post-theme-finance-en","cat-post-type-news"],"acf":{"is_featured_post":false,"display_twitter_hastags":false,"twitter_hastags":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is Gabriel Attal&#039;s economic program financeable? - Le cercle des \u00e9conomistes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lecercledeseconomistes.fr\/en\/articles\/finance-en\/is-gabriel-attals-economic-program-financeable\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Gabriel Attal&#039;s economic program financeable? - Le cercle des \u00e9conomistes\" \/>\n<meta property=\"og:description\" content=\"Between the maintenance of the promised tax cuts and the \u20ac12 billion in savings to be made in the 2024 budget, Prime Minister Gabriel Attal&#8217;s programme raises the question of its financing. 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