Economist Olivier Blanchard: 'Reducing France's deficit requires taking unpopular measures, which no one dares to announce'

Olivier Blanchard, former IMF chief economist, highlights France's challenging budgetary situation due to high borrowing costs and weak economic growth. He suggests the government will need to implement further savings. Recently, French MPs rejected the revenue section of the 2027 budget bill, raising questions about the significance of parliamentary debates, as the government may pass the bill without a vote. The current budget lacks ambition, aiming only for minor deficit reduction through limited spending cuts.