France received a sharp rebuke from the European Union on Wednesday, June 19, after discovering its excessive debt, as shared by AP News. In the same report, it is considered a critique against President Emmanuel Macron ahead of a heated election campaign where he faces challenges from both the extreme right and left.

The EU Commission urged seven nations, including France, to initiate an "excessive deficit procedure," marking the initial step in a stringent process before corrective actions can be enforced. In addition to France, EU Commission Vice President Valdis Dombrovskis specifically called out Belgium, Italy, Hungary, Malta, Slovakia, and Poland.

For decades, the EU has established targets for member states to limit their annual deficit to 3% of Gross Domestic Product and overall debt to 60% of output. These benchmarks have been selectively disregarded, even by major economies like Germany and France within the bloc.

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Criticisms Against Macron for France's Debt

The announcement struck a sensitive chord in France, particularly after Macron called for snap elections following his defeat by Marine Le Pen's hard-right faction in the recent EU parliamentary polls on June 9, which, according to VCPost, was met with adverse market reaction.

Le Pen's National Rally and a united left front are outpolling Macron's party, advocating deficit spending to address economic stagnation.

Despite the criticism, EU Economy Commissioner Paolo Gentiloni acknowledged France's efforts to address fiscal imbalances and offered reassurance to EU institutions.

The International Monetary Fund projects sluggish economic growth for France, forecasting 0.8% GDP growth in 2024 and 1.3% in 2025.

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