For Pierre Moscovici, the France must react to reassure the rating agencies. Paris "can no longer" show "indifference" to the signals sent by the markets and "must prove its willingness to stabilize the budgetary situation," said Wednesday the first president of the Court of Auditors, after the downgrading of the rating of the France.

At the end of April, the rating agency Fitch lowered the French rating to "AA-" against "AA", citing the strong social tensions at work around the pension reform, for the first time since 2013. S&P Global, which currently gives the France an "AA" rating with a negative outlook, is due to release its findings on June 2.

The France's signature 'remains strong'

If "the French signature remains solid", "the consequences to be expected on public policies are not negligible", judges Pierre Moscovici in an interview with the newspaper Les Echos.

To show his white paw, he calls on the government to "absolutely avoid uncompensated tax cuts, whatever their nature".

Two months ago, the Court of Auditors had already urged the executive to make the recovery of public finances deteriorated by successive crises "a national priority", stifling a lack of ambition in this area.

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