The fiscal strategy seeks to bring France's public deficit below 3% of GDP by 2032 and achieve a budgetary primary surplus by 2028. To instill permanent fiscal discipline, Le Pen also proposed a national referendum to decide if a "golden rule" for budgeting should be implemented. These drastic cost savings are presented as essential to avert a default if she is elected president.
Tuesday, October 20, 2026
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French Bonds Rally After Le Pen Vows €140B Budget Cut
Global Markets15 days ago
The market for sovereign debt of the EU's second-largest economy reacted positively to a new fiscal proposal designed to prevent a national default. French presidential candidate Marine Le Pen, head of the National Rally party, released a "shadow budget" aimed at pulling the country back from a fiscal brink through spending reductions. The plan pledges to cut public expenditures by €140 billion by 2032 compared to 2026 levels.
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