The Finance Law of 2024 caused great controversy with the adoption of an amendment providing financing to the defense industry using the resources of the Livret a and Livret d’Pargne Popular (LEP), through 49.3.
However, the Council of State rejected this executive decision. He considered that the allocation of regulated savings (livrate A, LDDS, etc.) to finance the defense industry had no place in the Finance Act, without, however, excluding the adoption of such a measure in other texts.
” Censorship of these various provisions does not prejudice the compatibility of their content with other constitutional requirements. It is open to the legislator, if he finds it useful, to adopt such measures again. » By vectors other than finance laws, the Constitutional Council concludes.
However, rejecting this decision does not mean abandoning the idea of financing the defense industry through savings production. Indeed, a bill regarding the creation of a Defense Sovereign Savings Book (LEDS) was tabled by Socialist senators. This savings product is the first to be introduced in France. According to the project promoters, it aims to mobilize citizens’ savings in favor of defense, a key area for the country’s sovereignty and strategic autonomy.
This project has a chance to be passed in Parliament
However, some are wondering about the likelihood of the measure being voted on in Parliament and adopted. On this issue, Val-d’Oise Senator Rachid Tamel is optimistic. ” By making a bill and not amending it, there is no risk that it will be unconstitutional “, he believes.
This senator suggested that “ Many companies, small or medium, that work in the defense sector, find it difficult to get financing. As a result, they have little opportunity to research, innovate or open new product lines. Ultimately, this is a huge loss of capacity for the industry “
Rachid Tamal, vice president of the Senate Foreign Affairs Committee, adds that “ The European Investment Bank no longer wants to intervene, the same goes for HSBC and a whole host of other banking institutions “, which represents” France risks losing its autonomous ability to defend itself “
The senator, who wants to mobilize French savings to support the arms industry, suggests that this new product be introduced to every Frenchman who “ Willing and if he can “so that” could contribute through his savings to strengthen the defenses of France “
