Bank of France Chief Says Country Must Continue Cutting Deficit

Bank of France Governor Francois Villeroy de Galhau said the country needs to continue cutting its budget deficit regardless of the outcome of next year’s presidential election, adding that it’s important for its credibility and ability have influence in Europe.

France aims to narrow its deficit to 3% of economic output by 2029. The national statistics agency Insee reports the figure for 2025 — which was targeted at 5.4% — on Friday. The government adopted a budget in February that projects the gap at 5% for this year.