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‘I love you but I’m leaving’ – Long-serving Macron finance minister quits French politics

French Finance Minister Bruno Le Maire, the longest serving senior member of President Emmanuel Macron's government, announced on Thursday that he is quitting politics ahead of the expected naming of a new cabinet next week.

'I love you but I'm leaving' - Long-serving Macron finance minister quits French politics
France's outgoing Minister for Economy and Finances Bruno Le Maire waves after attending a farewell ceremony at the French Ministry for the Economy and Finances (Bercy), in Paris, on September 12, 2024. Photo by Ludovic MARIN / AFP

Some ministers are expected to stay on under right-wing Prime Minister Michel Barnier but Le Maire’s departure leaves a major post to fill in the new government.

Le Maire has served as finance and economy minister in a powerful super-ministry since Macron became president in May 2017, the only senior minister to have stayed on for that duration.

“I love you but I am leaving,” said Le Maire, quoting French singer Michel Sardou’s lyric Je vous aime mais je pars.

Speaking at a special valedictory ceremony attended by hundreds of guests in the grounds of his vast ministry in eastern Paris, he added; “I leave with the conviction that these years were useful for France.”

Le Maire said he wanted “to breathe a different air from (that of) politics” and would “return to my first vocation: teaching”.

Le Maire also has a side career as an author, penning over a dozen non-fiction and fiction books, including erotic novels.

READ ALSO 7 French politicians who have written erotic literature

The minister lauded his achievements, saying that “in the face of French-bashing, we made France the most attractive nation in Europe.”

But he also leaves with the public finances under unprecedented pressure and France’s budget deficit reaching 5.5 percent of GDP in 2023, well above the European Union’s maximum limit of three percent.

“France must not go back on restoring its public finances. It must continue to set itself the objective of returning (public) deficit to below three percent in 2027,” Le Maire said.

Barnier, named as prime minister by Macron last week, has promised a new government would be in place next week.

Some current ministers including Foreign Minister Stéphane Séjourné and Interior Minister Gérald Darmanin have reportedly expressed interest in staying on in the new government, but its final shape remains highly uncertain.

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POLITICS

French budgetary situation ‘very serious’, says new prime minister

France's budgetary situation is "very serious", the new Prime Minister Michel Barnier told AFP on Wednesday, saying more information was needed to gauge the "precise reality" of French public finances.

French budgetary situation 'very serious', says new prime minister

France was placed on a formal procedure for violating European Union budgetary rules before Barnier became head of government earlier this month, while the Bank of France warned this week that a projected return to EU deficit rules by 2027 was “not realistic”.

France’s public sector deficit is projected to reach around 5.6 percent of GDP this year and go over six percent in 2025, which compares with EU rules calling for a three-percent ceiling on deficits.

Barnier, appointed by President Emmanuel Macron after protracted wrangling in the wake of an inconclusive parliamentary election, has floated possible tax rises to help stabilise finances, a measure Macron has ruled out during the seven years he has been president.

“I am discovering that the country’s budgetary situation is very serious,” Barnier said in a statement to AFP.

“This situation requires more than just pretty statements. It requires responsible action,” he said.

The new prime minister, who has yet to appoint a cabinet, is to submit a 2025 budget to parliament next month, in what is expected to be the first major test for the incoming administration.

However several high profile politicians have ruled out joining a government that is committed to tax rises.

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