17 Jul 2017

showCASE 35 | France's budget - a dormant volcano or an approaching eruption?

In his inauguration speech on July 4th, the new French Prime Minister Edouard Philippe addressed the levels of public spending in the country, comparing the current state of affairs to balancing on a volcano that keeps on rumbling louder and louder. To prevent the eruption, he said, comprehensive reforms would be needed to slash expenditures. As so often is the case in France, however, this will be easier said than done, as the French public has proven itself notoriously unwilling to accept any reductions in public spending (and equally notoriously verbal about it).

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Photo: Reuters