BUDGET · STRESS TEST · ACCOUNTABILITY
France under the Excessive Deficit Procedure: the path to 2029
The current EU procedure, net-expenditure ceilings and how they should be integrated into a French fiscal certificate.
France is currently under an Excessive Deficit Procedure
The Council recommends ending the excessive deficit by 2029 and set maximum nominal net-expenditure growth of 0.8% in 2025, 1.2% in 2026-2028 and 1.1% in 2029.
Design consequence
A strengthened HCFP certificate should display both national constitutional compliance and the applicable EU path. Passing only one layer would not be enough for a full “compliant” certificate.