The governor of the Banque de France, Emmanuel Moulin, told CNBC that France could bring its budget deficit down to 3% of GDP by 2029, from 5.1% currently, despite political uncertainty. Prime Minister Sébastien Lecornu’s government is targeting 54 billion euros in savings, including approximately 10 billion euros per year allocated to servicing national debt. French government bond yields have surged to multi-decade highs amid political instability and fiscal concerns. IMF Managing Director Kristalina Georgieva also urged France to get its house in order. Investors remain watchful of budget negotiations and the upcoming French presidential election next spring.
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