On top of that, the press and a number of economists reminded of the need to replenish another 4 billion of the funds that were lost as a result of the abolition of the increase in the environmental taxes on fuel.
Jean-Michel Naulot, a former board member of the Financial Markets Authority (l'Autorité des Marchés Financiers (AMF), commenting on economic measures, in particular on raising the SMIC, announced on Monday 10 December by French President, has shared his assessment in an interview with Sputnik: "Macron has very cleverly formulated it — in reality, the allowance is rising, and not the interprofessional minimum hourly wage. These are different things, since as the latter rises, the size of the future pension increases, and when the subsidy increases, this does not happen…"
In addition to the "very serious mistakes" made by Emmanuel Macron at the beginning of his presidency, particularly in the information policy, Naulot has named two other causes of the crisis in France: "We are still feeling the 2008 financial crisis. For 10 years, the purchasing power has not increased, and among representatives of some segments of the population, it has even decreased."
However, the expert has agreed that even half measures can cause problems with the European Commission: "If new tax measures or public spending cuts are not announced, the budget deficit will go from 3 to 3.5%", Naulot said.
"In recent weeks, Italy has been reprimanded for the fact that it declares a budget deficit of 2.4% for the next year but it will be much higher here, not to mention that the French budget deficit is real, while Italian is associated with interest payments on loans. Since the introduction of the euro, Italy has always had a primary budget surplus, before interest payments."
According to Jean-Michel Naulot, Emmanuel Macron should "most seriously respond to the crisis" and change his personal attitude to the concept of Europe.
"He is in favour of the European concept of the previous generation, which led to some mistakes. I believe that the French, like the Italians and other peoples of Europe, feel European, but they recognize the need for EU development. Three out of four Frenchmen don't want to hear about [European] federalism but they don't feel less European because of this", the expert concluded.
The views expressed in this article are those of the speaker and do not necessarily reflect those of Sputnik.
The views and opinions expressed in the article do not necessarily reflect those of Sputnik.