France's Ambitious Fiscal and Social Overhaul Under Barnier

France's new conservative Prime Minister, Michel Barnier, has outlined an ambitious program focusing on fiscal consolidation and social reforms. Facing a colossal national debt of €3.2 trillion, Barnier aims to reduce the national deficit to below 3% of GDP by 2029, with an interim target of 5% by 2025. To achieve this, he plans to implement spending cuts and increase taxes on large corporations and wealthy individuals.

These measures are seen as a departure from the liberal economic policies of President Emmanuel Macron. Despite this shift, Barnier insists that these changes will not undermine France's competitiveness.

Additionally, he has proposed a special tax contribution from the richest citizens, although he stopped short of reintroducing the wealth tax. In his fiscal strategy, Barnier emphasizes the importance of fiscal responsibility, warning that the current debt levels are unsustainable and pose a significant risk to the country's financial stability.

Alongside financial measures, Barnier is also committed to addressing environmental concerns. He plans to expand both nuclear energy and renewable energy sources, and has called for the state, as France's largest property owner, to lead by example in improving building insulation.

On the social front, Barnier is willing to negotiate adjustments to the controversial pension reform, which raises the retirement age from 62 to 64. Additionally, Barnier has announced stricter immigration controls, including more efficient processing of asylum applications and extended detention periods for deportees.

This move comes amid national outcry over a tragic incident involving an immigrant. The Prime Minister’s program faces significant opposition in a deeply divided parliament, with left-wing parties already planning a no-confidence motion.

Barnier's ability to navigate this political landscape will be crucial for the success of his ambitious agenda.