France’s Young Finance Minister Acknowledges Challenges Ahead as Markets Worry, According to Reuters

PARIS – France’s newly appointed finance minister, tasked with guiding the nation out of a significant fiscal crisis amid rising investor worries about debt, acknowledged concerns regarding his relative youth and inexperience on Tuesday.

Antoine Armand, a 33-year-old close ally of President Emmanuel Macron, was appointed as France’s finance minister over the weekend. On Monday, the country’s yield was alarmingly close to exceeding that of Spain’s traditionally riskier bonds for the first time since late 2007.

"I understand these questions," Armand shared during an interview on France Inter radio, explaining that, "When you have government experience, you develop certain habits. When you lack that experience, everything feels new and quite daunting."

Working alongside new Budget Minister Laurent Saint Martin, who is 39, Armand faces the intimidating challenge of addressing a significant budget shortfall. Previously not widely recognized outside of Parisian political circles, the two are under pressure to devise a plan to control France’s budget deficit, which is projected to approach 6% of GDP.

"We are grappling with one of the worst deficits in our history, so the situation is serious," Armand stated. "Our dedication will reflect the gravity of this challenge."

When questioned about the country’s ability to meet its budget deficit target this year, Armand refrained from providing a definitive response, mentioning that he was collaborating with the budget minister to formulate a "credible" updated estimate that would be revealed soon.

Last week, France’s chief auditor informed lawmakers that the finance ministry’s current projection of a 5.1% deficit of GDP was unlikely due to diminishing tax revenues amidst an economic slowdown and insufficient public sector savings.