On Saturday, Barnier unveiled his new government and gave 33-year-old Antoine Armand the job of leading the finance ministry.
Barnier also appointed Laurent Saint Martin (39) as budget minister. Saint Martin was placed directly under his leadership instead of the Ministry of Finance, a break with tradition in French politics.
The duo is facing huge pressure to figure out how to rein in the country’s budget deficit as it approaches 6 percent of gross domestic product due to tax deficits and higher-than-anticipated spending.
Although they lack political clout, economists say they run little risk of jeopardizing President Emmanuel Macron’s legacy of tax cuts and business reforms – if they can get the 2025 budget passed.
– It is a way of maintaining political continuity, they are faithful and will follow Emmanuel Macron’s political line, says economist Mathieu Plane at OFCE’s economic think tank.
Armand is a relative political novice, and has served as an elected official in Macron’s party since 2022, while Saint Martin has only served one term in the National Assembly. He failed to win another term in 2022.
It remains unclear who will take the lead in steering the 2025 budget through France’s deeply divided parliament. They can expect some tough rounds with opposition parties who can band together and vote through a motion of no confidence. It could bring down Barnier’s government.
#Unknown #duo #set #solve #French #budget #tangle
2024-09-22 15:34:00
