
This Wednesday, October 9, 2024, François Villeroy de Galhau, governor of the Bank of France, launched a blunt appeal: “It is time for everyone to make an effort. » In a context where public finances are slipping, with a deficit which has widened by 100 billion euros since January, this declaration leaves no room for ambiguity. Every economic actor, from citizens to businesses to local authorities, must accept sacrifices to avoid a budgetary collapse.

The call for consensus to break the deadlock
The governor of the Bank of France, François Villeroy de Galhau, forcefully expressed the need for collective action in the face of France's economic situation. During his speech on Franceinfo, he compared the State to a “family that lives beyond its means” and warned that if everyone did not make efforts, France would continue to sink into a “spiral infernal debt”, with a record level of 3,228 billion euros. His message is clear: it is imperative to stop “playing havoc” with savings options, and stop rejecting measures when they do not directly concern everyone's interests. At the same time, Villeroy de Galhau warns against collective complacency which could accelerate the deterioration of public finances.
This statement comes as the government prepares the 2025 budget, already under fire from criticism. Between the tax increases of 20 billion euros, denounced by several political figures including Gérald Darmanin, and the non-indexation of pensions to inflation planned for the first half of 2025, tensions are high. In addition, SMEs and local authorities are protesting against future budget cuts, because they consider the measures unfair and ineffective. Despite these protests, the Banque de France insists: it is essential that the effort is shared to avoid a worsening of the crisis.
Avenues for reform and implications for the future
If the first part of François Villeroy de Galhau's speech focuses on the urgency of economies, the rest addresses concrete avenues for straightening out public accounts. “We need to reduce expenses and increase revenues a little,” he said. Thus, it highlights the need to rebalance finances without further burdening taxpayers. For the latter, the objective is to identify intelligent budget cuts, and to find ways to increase revenues, in particular through better tax collection and more rigorous management of public resources.
The seriousness of the economic situation is demonstrated by the budget deficit figures, but the prospects for recovery remain unclear. If Villeroy de Galhau calls for a “shared effort”, the fact remains that the implementation of these reforms will encounter a lot of resistance, both from elected officials and economic players. The risk, according to the governor, is that a failure to take action now will lead to even more drastic decisions in the near future, with potentially serious economic consequences for future generations.
François Villeroy de Galhau's appeal highlights the urgency of collective action to stabilize public finances. With a sharply increasing deficit, he insists on the need to share efforts between all economic players. Implementing effective budget reforms is essential to avoid a more serious crisis in the future. However, political and economic resistance could complicate this approach. In this context, some might be tempted to explore the opportunities offered by the crypto sector. Indeed, Investing in cryptos can offer prospects for diversification, but it is crucial to remain vigilant in the face of significant fluctuations and numerous frauds present in this still young and evolving market.
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