France is caught in the whirlwind of political crisis with the French ten-year bond reaching 3.59%, higher than the corresponding Italian bond (3.58%) and the country’s public debt standing at 3.4 trillion euros (114% of GDP). Under normal circumstances, the 2026 budget draft should have been presented to the French Council of Ministers before the first Tuesday of October, which is today. Subsequently, it must be submitted to the National Assembly “no later than October 13th.”
This date corresponds to Article 47 of the French Constitution, which stipulates that parliamentarians have a 70-day deadline to examine the budget bill. These timelines are unlikely to be met under current circumstances.
France: Analysts’ assessments on the budget
Nevertheless, as French analysts report, the submission of a budget bill for 2026 by the current, albeit resigned government is not ruled out, especially since a copy of the draft is already prepared and has been forwarded since last Thursday to the High Council of Public Finance, according to APE-MPE.
For now, however, the most likely scenario is the passage of a special law that would allow tax collection to continue, as well as enable the state and Social Security to continue borrowing until a new state budget is approved.
