PARIS (Reuters) -The longer France puts off tackling its excessive budget deficit and debt, the more painful it will be to find a solution, central bank head Francois Villeroy de Galhau said on Tuesday.
With the government facing possible collapse in a vote of confidence next week, Villeroy added that now more than ever was the time to rein in public finances, but the effort must be shared broadly.
French bonds and stocks sold off last week after centrist Prime Minister Francois Bayrou called a Sept. 8 confidence vote on his debt-cutting plan. Opposition lawmakers have both rejected the budget plan and said they will vote against the government next week.
“The longer our country waits to tackle this issue, the more painful the treatment will be. And it is desirable that this effort be fair and shared by all,” Villeroy said in remarks prepared to be published on LinkedIn.
(Reporting by Makini Brice and Leigh ThomasEditing by Dominique Vidalon and Frances Kerry)
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