Who will really pay for Bayrou's budget? Debate between economists Anne-Sophie Alsif and Henri Sterdyniak
Interview: The Prime Minister's presentation of his budget plan has divided politicians and economists alike. This is illustrated by our confrontation between Anne-Sophie Alsif and Henri Sterdyniak.
Prime Minister François Bayrou during the presentation of the budget guidelines for 2026, in Paris, July 15, 2025. ALBERT FACELLY/DIVERGENCE
"There are moments in the history of peoples when they have a meeting with themselves, and this moment is one of those. […] What part is each of us prepared to play in our collective future?" intoned François Bayrou, with a grave air, during the presentation of his budget plan on July 15, like a general on the eve of a battle he senses is lost in advance. "This is a moment of truth." "What does the risk matter!" concluded the Prime Minister, who already anticipates censure of his government during the examination of the budget in the autumn. The important thing is the warning message on the French debt , at 3,345 billion euros, or 114% of the gross domestic product (GDP) - "Every second, the debt increases by 5,000 euros. […] This is the last stop before the cliff," he preached.
And to roll out a series of proposals to release 43.8 billion euros in "savings" - a hackneyed term since it is in reality efforts to moderate the natural increase in public spending, and based on forecasts of growth subject to uncertainties. Including in particular a "blank year" , that is to say the freezing of pensions and social benefits, the elimination of two public holidays , a new tightening of the screw on health insurance...
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