France’s public debt has reached a staggering €3.228 trillion, amounting to 112 percent of GDP, surpassing the cap set by EU rules. This has raised concerns among France’s European partners, with many questioning if France has become the “sick man of Europe”.
The Covid-19 pandemic and energy crisis have led to a surge in debt for many EU member states, but France’s situation is particularly worrisome due to the size of its economy. As a result, the European Commission has reprimanded several countries for breaking budget rules.
In a recent debate with two MEPs, the question of where and how France should make savings was raised. Drawing on the experiences of other countries, including the “frugal” Netherlands, the discussion centered on finding ways to reduce debt and stabilize the economy.
With France being one of Europe’s largest economies, the pressure is on for the country to address its growing debt and ensure financial stability. As France navigates through this challenging period, its EU partners will be closely watching to see how the country tackles its debt situation and whether it can avoid being labeled as the “sick man of Europe”.
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Video “French public debt reaches record high: Is France the sick man of Europe? • FRANCE 24 English” was uploaded on 10/11/2024 to Youtube Channel FRANCE 24 English