2023-06-29 04:20:15
Barthélémy Philippe / Photo credit: Amaury Cornu / Hans Lucas / Hans Lucas via AFP 6:20 a.m., June 29, 2023, modified at 12:12 p.m., June 30, 2023
And if the available savings of the French financed the necessary modernization of the army in the face of the threat of war in Ukraine? This is the idea initially envisaged by the Assembly and taken up by the Senate, which has been examining for a few days the military programming law for the period 2024-2030.
On Wednesday, the upper house adopted the principle of creating a sovereignty savings account which would be used in particular to finance defense companies. A surprising project, but which might see the light of day as early as 2024.
The Senate is examining the 2024-2030 military programming bill this week, following its adoption by a large majority by the Assembly on June 7. Unsurprisingly, the majority on the right supports the government’s unprecedented budgetary effort to modernize the army, 413 billion over 7 years.
But Les Républicains are asking for a faster ramp-up “to immediately take into account the geostrategic turning point that the war in Ukraine constitutes”. The senatorial right made another proposal: the creation of a sovereignty savings account, the principle of which was adopted on Wednesday.
“The idea is really to direct this investment by the French”
This device would work like the equity savings plan (PEA), already offered by the banks. But the advantage is that it would be completely exempt from taxes and social security contributions. By placing money in this sovereignty savings account, you would become the owner of shares in French defense and civil security companies. The giants of the sector, of course: Safran, Dassault or even Thalès.
But especially small and medium enterprises. They are the ones who would benefit the most from this new placement. At the origin of this idea, it is the deputy Horizons Christophe Plassard. “The idea is really to direct this investment by the French towards a basket of companies that work for sovereignty. Let’s combine both available savings and a need for a Franco-French industry of industrial sovereignty and military,” he said.
In an interview given to FigaroDefense Minister Sébastien Lecornu recognized “the recurring problem of access to private funding for defense industries”.
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