Macron's Fiscal Forecast: Tax Hikes and Investment Assurance

French President Emmanuel Macron has addressed major U.S. financiers to candidly discuss France's economic challenges, including potential tax hikes to address a severe deficit. He emphasized France’s investment potential at a meeting during the U.N. General Assembly in New York, indicating a shift in fiscal policy.

French President Emmanuel Macron recently held discussions with top U.S. financiers to candidly outline the fiscal challenges facing France, including the possibility of impending tax hikes. Macron, seeking to alleviate concerns about France's substantial deficit, spoke with Wall Street executives in New York during the U.N. General Assembly.

The meeting, lasting over an hour, involved 13 senior financiers, including notable figures such as Goldman Sachs President John Waldron and Blackstone CEO Stephen Schwarzman. Macron gave a comprehensive overview of the French and European economic landscapes, directly addressing financial struggles and advocating for France as a viable investment locale.

Macron's initiative comes at a critical time, with his new minority government grappling with a budget that may see the deficit exceed 6% this year. Despite pointing to tax adjustments as necessary, he reassured investors about France's commitment to reducing spending as part of a broader economic strategy.

(With inputs from agencies.)