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The French president warned of tough budget decisions ahead as the country struggles with a daunting public deficit.
ADVERTISEMENTFrench President Emmanuel Macron is spearheading an accelerating effort to reshape European security. He is taking the initiative just as the European Commission agrees on an €800bn plan to bolster European defence sovereignty in response to the rapprochement between Russia and the US, as well as US President Donald Trump’s increasing scorn towards both Ukraine and NATO. But as France’s debate over military spending intensifies, political divisions mean the chances of finding consensus are increasingly slim.France currently allocates 2% of its GDP to its defence sector. Macron told French newspaper Le Figaro that he aims to raise defence spending up to 3.5% of the country’s GDP, a hike that would require an additional €30bn annually.Such a drastic increase would be a major challenge given the state of France’s strained public finances. Macron’s ambition clashes with the government’s current goal of lowering France’s budget deficit to 5.4% of its GDP by the end of 2025, down from around 6% in 2024. One proposal under discussion to finance France’s increased military spending is a national loan, a measure last used to reduce state debt in 1993. Prime Minister François Bayrou and Economy Minister Eric Lombard have floated the idea and also proposed setting up a defence-specific account similar to the Livret A — a regulated, tax-exempt personal savings account with an interest rate set by the state, with funds invested by the state to pay for infrastructure and housing, national debt payments and other uses.Lombard has also proposed seeking investment from banks, insurance firms, and institutional investors. What do the French think?“I think that in the current situation, France can hardly afford to increase its public debt,” Sylvain Bersinger, chief economist at consulting firm Asteres, told Euronews.”Another solution is to try and increase growth and therefore resources and tax revenues. Typically, this means getting the French to work more by increasing the pension age. But that’s so unpopular that I don’t think it’s even possible. I’d say there’s no magic solution.” Yet despite economic concerns, public support for increased defence spending remains high. A recent survey conducted by Ipsos-Cesi Engineering School showed that 68% of the French electorate support the idea. Even 66% of voters supporting the hard-left party France Unbowed (LFI), which is usually wary of any military intervention, said they support the budget increase. As for supporters of the far-right party National Rally (RN), a little more than half said they are in favour of boosting military spending. Where do other parties stand?While most MPs in France’s lower house of parliament have expressed their support for Ukraine specifically, political divisions remain. Last week, lawmakers debated France’s stance on Ukraine and whether to send peacekeeping troops on the ground. RN leader Marine Le Pen said that while she supports aiding Ukraine, she believes France should prioritise its national interests. ADVERTISEMENTShe also rejected a unified European defence strategy and opposed any suggestion of sending French troops to Ukraine. Meanwhile, the Socialist Party and the Greens have aligned themselves with the government, agreeing that Europe must strengthen its military sovereignty. Socialist leader Olivier Faure said he was against any measures that would place the burden on French citizens. Instead, he has proposed taxing corporations and cracking down on EU countries that serve as tax havens for big tech, in particular Ireland and Luxembourg. LFI MP Alma Dufour, meanwhile, has raised concerns that increased military spending will ultimately benefit the US defence industry. ADVERTISEMENT“We’re not against France and Europe rearming,” she said in an interview with broadcaster Franceinfo. “The question is that if we spend €40bn this year on military equipment, where will that go? To the United States.” On Monday, a report by the Stockholm International Peace Research Institute showed that 64% of Europe’s arms imports come from the US, followed by France, South Korea, Germany and Israel.Dufour has proposed an increased tax on billionaires, claiming that a 2% tax on France’s 500 richest individuals could generate €25bn — putting France well on the way to achieving Macron’s military spending ambitions.
