Comments from Barnier:
- Will reduce deficit to 3% in 2029
- First remedy to bring down debt is to reduce spending
- In 2025, two-thirds of effort will focus on cuts
- Budget situation also requires targeted measures on tax policy
- We will ask large companies and richest part of population to contribute to effort around finances
It's going to be a mess in France and many parts of Europe. The public is in no mood for tax hikes or austerity but something has to be done about deficits.
