Today the interest rates are low, which favors the expenditure by the debt. Can this policy last? “The more we spend, the better we must spend. We must insist on the quality of the expenditure and also on the sustainability of the debt. A debt can be reduced, it can lengthen, it can be managed […]. But in the end it is always reimbursed: it is our children who are concerned “, explains Pierre Moscovici, first president of the Court of Auditors and guest of the “4 Vérités” of France 2, Wednesday 16 December.
Some, like Arnaud Montebourg or Jean-Luc Mélenchon, believe that part of the debt will be canceled and therefore not reimbursed. “This thesis creates an illusion. Why? We are part of a whole which is the European Union. To hope that the European Central Bank, with a wave of a magic wand, will erase its debt, it is contrary to the treaties, c ‘is contrary to its doctrine “, says Pierre Moscovici.
Should an austerity policy be implemented? “We must not advocate austerity. There is a situation which is so exceptional that exceptional measures are needed: health above all and support for the economy”, specifies Pierre Moscovici.
Is France’s Debt Too High? “I’m not shocked that we have 120% of public debt. We can repay it, because interest rates are low, because France’s signature is good”, explains the first president of the Court of Auditors. But to add: “This public debt, we cannot make it roll forever, we cannot hope to cancel it. So we will have to treat it, look for ways to repay it. How? By growth, the quality of public spending“, concludes Pierre Moscovici who says to himself “hostile” an increase in compulsory levies.
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