France to launch citizen convention on public debt and deficit

France is facing a critical period regarding its public finances, with the national debt projected to reach 3,460 billion euros and a deficit of 151.6 billion euros in 2025, representing approximately 115.6% of GDP. This fiscal situation has prompted the Conseil économique, social et environnemental (CESE) to announce a new citizen convention focused on reducing debt and the deficit.

The CESE, led by its president Claire Thoury, aims to engage a group of citizens in debating these structural financial issues. The move follows warnings from the Cour des comptes regarding the urgency of making necessary budgetary adjustments. Experts note that France's debt has nearly doubled over the last 20 years, driven by successive economic shocks and structural spending patterns that differ from other eurozone nations.

While recent crises like the Covid-19 pandemic contributed to the rise in debt, analysts suggest the increase is also tied to long-term domestic trends. The upcoming convention seeks to address these complexities and find consensus on how to manage the country's fiscal trajectory.