Marc Ferracci's proposals | EUROtoday

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L'ranking company S&P delivered its verdict this Friday, May 31 and lowered France's ranking from AA to AA- due to the deterioration of its public funds. For Marc Ferracci, economist and Renaissance MP, it’s pressing to vary the tactic to redress the state of affairs.

Point : In your opinion, will the choice of the S&P ranking company have monetary penalties?

Marc Ferracci: I don’t assume so. This resolution just isn’t actually a shock. We had been already positioned in a destructive perspective. In addition, we had met many of the standards that S&P had put in place to justify a downgrade. The markets have subsequently undoubtedly already built-in this info and the impact on our financing capability will likely be minimal, as a result of our signature stays very robust. The influence is especially symbolic. This resolution ought to commit us to persevering with our efforts to create extra wealth and management our public spending.

What must be performed within the brief and medium time period to show issues round?

In the brief time period, we should put together budgets that can incorporate clever spending discount. We should goal these that won’t penalize development. For instance, I proposed that we eradicate hiring support for increased training apprentices, as a result of they don’t seem to be very efficient when it comes to integration, which might save us 4 billion euros in complete. complete. We can discover areas of related financial savings to make. Particularly within the well being sector. I’m pondering, for instance, of the medical transport sector, which represents 6 billion euros and which isn’t exempt from extra, even abuse. Or the issue of regulating sick depart. The Court of Auditors has additionally not too long ago made pretty robust proposals on this topic.

S&P's resolution might also symbolize a window of alternative to vary strategies and systematically consider our spending. Not sovereign spending, however, for instance, these within the financial and social subject. It can be fascinating to place in place sundown clauses. That is to say, after we create support, a tool or a budgetary merchandise, it have to be performed for a restricted interval and with an analysis. If the target just isn’t achieved, then the machine is deleted. This would reverse the burden of proof. This requires establishing a timetable, consequence indicators, and offering the means to judge. This might be performed, for instance, by inserting France Stratégie, which has developed exceptional analysis experience, underneath the supervision of Parliament. Finally, researchers should be capable to entry the info… Today, this course of is difficult. I’m satisfied that we are going to talk about the topic of debt and public spending once more in 5 or ten years in the identical phrases if we don’t change our technique.

You additionally talked about the lever of wealth creation. What extra must be performed?

We should proceed our job creation technique and attempt to obtain our full employment goal as a way to improve revenues. It even must be strengthened. There is, after all, unemployment insurance coverage reform, however that won’t be sufficient. I believe we want a brand new Macron regulation as a way to unlock entry to sure professions. We should additionally full the reform of the vocational highschool. Let's not cease pedaling alongside the best way. Otherwise, we danger falling.