French Public Finances at Risk?


  • Jérôme Creel Observatoire français des conjonctures economiques - Sciences Po; ESCP Europe, France
  • Paul Hubert Observatoire français des conjonctures economiques - Sciences Po, France
  • Francesco Saraceno Observatoire français des conjonctures economiques - Sciences Po; Libera Università Internazionale degli Studi Sociali “Guido Carli”; School of European Political Economy, Italy



Deficits, Debts, Debt management, Taxation


Using descriptive evidence, this paper contributes to the debate on French public finances’ consolidation by examining the long-term sustainability of France’s fiscal position. We trace the historical trends of government’s tax receipts and expenditures. We illustrate that while the level of public expendi- ture in France is larger than in the Euro Area, its trend is comparable to its neighbours. French net debt is comparable to Eurozone’s while French net wealth remains positive. However, the French tax system is not progressive with only 6% of compulsory levies raised that way, and too complex. The paper then acknowledges the efficient debt management of French authorities. As a conclusion, we see no risk of future unsustainability linked to the nature or the level of current French public finances.

Key words: Deficits, Debts, Debt management, Taxation.
JEL: E62, E63, H61, H68.


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How to Cite

Creel, J., Hubert, P., & Saraceno, F. (2014). French Public Finances at Risk?. Panoeconomicus, 61(1), 1–19.

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