After the Fitch note and the presentation of the 2025 draft budget, “the markets are starting to look at us”, warns Pierre Moscovici
The president of the High Council of Public Finances (HCFP) and president of the Court of Auditors, Pierre Moscovici, estimated on Sunday that the Fitch agency rating says: “We are not bankrupt”, more “the markets are starting to look at us”. Fitch maintained France’s AA- rating on Friday, but placed it below “negative outlook”the day after the presentation of the 2025 draft budget.
“It says that (…) we are not Greece [placée en faillite en 2012] and we are not bankrupt”declared Pierre Moscovici, guest of Grand Jury RTL-Le Figaro-Public Senate-M6. “AA- is a good grade, but people are starting to look at us and ask questions, wondering if our signature in the future will be as strong, if our credibility is strong”he added. “If the markets start to look at us more suspiciously, there will be risk taking, it will be more and more expensive (…), there can be a snowball effect”he said. “That’s why this effort [budgétaire] is necessary »he explained.
The President of the Court of Auditors also considered that it is « indispensable » to understand what happened in the management of the 2024 budget. “It is essential that we understand, not to call into question the responsibility of so-and-so (…) but so that it doesn’t start again”he continued, announcing that “the Court of Auditors will play its role”.
“In May, we will make an extremely precise analysis of what happened in 2024”added Mr. Moscovici. According to him, “there is a truth that must be established, there are facts that must be shown, processes that must be explored”. “It is very important that we know what happened and in a technical, objective, informed way. The Court of Auditors will do it by May, it cannot be ruled out that Parliament decides to do it more quickly” through a parliamentary commission of inquiry, he stressed.
