EU Criticizes France over Excessive Debt Amidst Tense Elections

The European Union's executive arm has criticized France for its excessive debt, marking a significant rebuke during a tense election period where President Emmanuel Macron faces stiff competition from the extreme right and left. France was targeted by the EU Commission to begin corrective actions along with several other nations.

The European Union's executive arm issued a strong rebuke to France on Wednesday for its excessive debt accumulation. The reprimand comes at a critical time as President Emmanuel Macron encounters fierce opposition from both the extreme right and left.

France, alongside six other nations, has been directed by the EU Commission to commence an 'excessive deficit procedure,' a lengthy process established to enforce fiscal responsibility among member states.

Historically, the EU has aimed for member countries to confine their deficits to within 3% of GDP and debt under 60% of output. However, these benchmarks have frequently been ignored, even by economic giants like Germany and France. In the previous year, France's deficit exceeded 5%.

Exceptional situations such as the COVID-19 pandemic and the Ukraine war had previously provided some leniency, but that period has concluded. The announcement has struck a sensitive chord in France, following snap elections triggered by Macron's earlier defeat to Marine Le Pen's hard-right faction in the EU parliamentary polls.

Polling ahead of Macron's party, Le Pen's National Rally and a newly unified left front both advocate for deficit spending to navigate economic challenges. Along with France, the EU Commission also admonished Italy, Poland, Belgium, Hungary, Malta, and Slovakia.

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