The Minister of Economy and Finance, Bruno Le Maire, finally remains in his post after a ministerial reshuffle in France. Even more, the minister who broke the record for longevity in the economy department was given another portfolio. From now on, Bruno Le Maire also cares about the ecological transition. For this new mandate, many projects are waiting for the minister. However, the French are wondering about his priorities.
After 6 years and 8 months of uninterrupted tenure as Minister of Economy and Finance, Bruno Le Maire has distinguished himself above all by opposing certain social measures. Indeed, food checks, a system meant to help low-income families cope with the rising prices of food products promised by Emmanuel Macron, were abandoned by the government, much to the dismay of families affected by inflation. It was the Minister of Economy who confirmed this abandonment. He ruled that the food was not checked “The right way to go”. “Let’s forget about checking policies, we can’t afford it today,” He advocated supporting associations and food banks to help the poorest families, he declared.
Bruno Le Maire also took similar steps to demand a rebate at the pump during the fuel price hike. The minister rejected the idea, as well as the fuel inspections eventually imposed by Emmanuel Macron.
Bruno Le Maire’s priorities
For the rest of his mandate as minister, Bruno Le Maire will have to overcome several obstacles facing the French economy. It will have to continue to take steps to reduce inflation in an environment of global economic uncertainty stemming from the Israeli-Palestinian conflict and Houthi attacks in the Red Sea. So the Economy Minister may be called upon to act in the event of a spike in oil prices.
However, as he has emphasized on several occasions, Bruno Le Maire’s priority is to get France out of debt. A task that will be felt in the daily life of the French will damage the social measures that will continue to decrease. Thus, in the third quarter of 2023 the minister will have the task of reducing the accumulated French debt of more than 3,000 billion euros or 111.7% of GDP. Thus, if the executive fails to take significant action, it will be sanctioned by the government. Rating agencies. As a reminder, Fitch has downgraded the French sovereign rating to spring 2023.
