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French Budget Minister warns of IMF and EU oversight risks
French Budget Minister Amelie de Montchalin said the country must "put its finances in order." Otherwise, oversight bodies of the International Monetary Fund (IMF) and European institutions could intervene and take measures to stabilize the region's financial situation, she stated.
As reported by Reuters, French Prime Minister Francois Bayrou is likely to present proposals in July to bring public finances under control. His plans include cutting the budget by 40 billion euros ($45.62 billion) by 2026.
France has repeatedly violated EU fiscal rules by exceeding the established limits on public spending. Currently, the country has the biggest public sector deficit in the eurozone. Experts estimate that this figure will reach 5.4% of the economy's size this year.
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