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French Prime Minister Michel Barnier has appointed two relatively unknown figures to tackle France’s growing budget deficit. The new finance and budget ministers, Antoine Armand and Laurent Saint Martin, face the daunting task of reining in the country’s budget deficit, which is projected to reach 6% of GDP due to lower tax revenues and higher-than-planned spending.
Despite their lack of political experience, economists believe that Armand and Saint Martin will uphold President Emmanuel Macron’s agenda of tax cuts and pro-business reforms. The new ministers will need to navigate France’s deeply divided parliament to pass the 2025 budget, which is crucial for stabilizing the country’s finances.
Armand and Saint Martin will have to work diligently to finalize the budget bill, balancing tax increases and spending cuts to close the deficit gap. The government’s proposals for tax hikes on energy companies and big corporate share buybacks are likely to face opposition from right-wing parties, necessitating significant spending cuts.
As they navigate these challenges, Armand and Saint Martin will be closely monitored by Barnier and Macron to ensure policy continuity. With high stakes and limited leeway, the new finance and budget ministers will have to make tough decisions to stabilize France’s economy.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
