French Prime Minister Gérald Lecornu has unveiled a fiscal package aimed at reducing the national deficit to 4.7% of GDP, signaling a focus on financial stability as he returns to his top role. The plan includes an “exceptional contribution from large fortunes,” which is intended to bolster government revenues. This initiative is clearly designed to address the difficult political context in France. It depends on the ability to rally support from various enemies, even including Socialist MPs, to secure the defeat of his adverse proposals.
Yet Lecornu’s deficit reduction目标 is significantly less ambitious than that of his predecessors. That would leave it an increasingly appetizing target as the economy falters further. The Prime Minister could not be carrying out his strategy at a more decisive moment. His own political survival now rests on him getting that new parliamentary approval for the amended budget. Support from Socialist MPs is becoming increasingly vital. Their new-found support for Lecornu’s pension reform pledge promises better coordination on fiscal issues.
As Lecornu seeks to implement his budgetary plans, he faces potential hurdles in the form of a looming no-confidence vote. Political analysts expect this vote to be especially close, highlighting the tenuousness of Lecornu’s place. The outcome will not only determine the fate of his current initiatives but signal the level of support he can expect moving forward.
The Prime Minister’s moves in recent days suggest he is beginning to realize that there is no way forward without cooperation across the aisle. To assuage their concerns, Lecornu calls on Socialist MPs to touch base with them. He hopes to promote a more collaborative style of government and improve the likelihood of his budget being approved in parliament. He knows that without this support, his agenda will have a hard time getting any traction.