Government Achieves 49.3 Rating in Finance Programming Law

The French government used article 49.3 of the Constitution on Wednesday to have its public finance programming bill adopted by the National Assembly.

The text, which sets the country’s budgetary trajectory for 2027, was challenged last fall by the National Assembly and then amended by the Senate.

The Prime Minister announced at the end of the evening the use of article 49.3, while the executive does not have an absolute majority in the National Assembly.

“After listening to everyone, I see that beyond the presidential majority, no group is ready to vote for this essential text for our country,” said Elisabeth Borne.

“We need this law to program our public finances. We cannot take the slightest risk,” she added before holding her government accountable.

This appeal allows the text to be adopted without a vote, unless a motion of censure against the government succeeds in being adopted.

The public finance programming law notably provides for a public deficit of 2.7% of gross domestic product (GDP) in 2027 to bring it within the budgetary requirements of the European Union.

The government may also have to use article 49.3 to pass its finance bill (PLF) for 2024 and that of financing Social Security (PLFSS), presented Wednesday in the Council of Ministers and which will be examined from October in the National Assembly then in the Senate.

This article is originally published on zonebourse.com

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