there are only a few days, Pierre Moscovici became the first president of the Court of auditors. In an interview with the Opinion, he unveils his vision on the situation of the French economy. “It is important to keep all doom and gloom as well as of any irenicism. A debt of 120 % of GDP is not in itself a disaster. We are not in 2008, the terms of debt are much more favourable and the quality of the signature of the France is strong,” said Pierre Moscovici to the journal Opinion. Former european commissioner for economic Affairs, minister of Economy and Finance from 2012 to 2014, Pierre Moscovici has officially been taken over by the June 3, Didier Migaud, after a vacancy of six months, at the head of that court in charge of controlling the regularity of public accounts.
His arrival corresponds to a degradation history of these accounts under the blows of the crisis born of the outbreak of new coronavirus, and the confinement that froze a large part of the economy from mid-march. The last amending budget to-date presented on Wednesday, foresees a deficit at 11.4% of the French GDP and a public debt reaching 120,9 % this year, as a result of the massive support of sectors weakened by the crisis. But Pierre Moscovici believes that “when the expenditure is justified by exceptional reasons, economic or social, when it is used well, it is legitimate”.
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“taboos are falling in Europe
“we do not expect ever to the Court that it is lax : it is there to ensure that public money is well spent. But it must come out of the logic that wants that, systematically, we should propose a reduction of public expenditure”, he pleaded, placing his chair under the sign of “the assessment of the quality of public expenditure and the sustainability of the public debt”.
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Finally, about the european context, the new prime president of the Court of auditors has found that “the taboo (…) are in the process of falling” with the recent franco-German agreement on the debt and is convinced that “the pact of stability and growth, in a context of mass unemployment, of high public debt and deficits increased, will have to be revised to become more simple, more readable, more intelligent, that is to say, more favourable to growth”.
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