Brief: The 2023 French Budget

A new budget was announced this week, and we take a quick look at the numbers and the process in this week's Brief.

The Brief is your breakdown of the ongoing events and crises happening in Europe, with a slightly more technical spin to satisfy your intellectual demands, curiosities, and interests.

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This week saw the announcement of the French budget proposal for 2023, and while it still needs to go through the parliamentary process to be approved, here is a quick brief on the situation.

Economies in Danger

• Bruno Le Maire was clear about the dangers that French and European economies were facing

  • "The uncertainties have never been greater, which is true for France and for all European nations…France is counting by the euro”

  • As per his statement, he signalled that he’s going to "draw a red line” stating that “no new expenditure" can be introduced during the parliamentary debate if it is not "financed to the nearest euro", warned the minister

• He also took the initiative to pre-empt criticisms of the budget being not as ecologically friendly as many had hoped, which has mainly been put down to the ongoing war in Ukraine and the need to support the French energy market