France – Constitutional law passed

The French parliament has adopted a constitutional law. The law is designed to oblige the government to bring down the budget deficit over a three-year period. The bill would apply both to the state budget and to the budget of local authorities.

The bill will only have constitutional force if President Sarkozy convenes a constitutional congress. This is a meeting of the National Assembly and the Senate. If convened, a super-majority (60%) vote is required for the reform to be adopted. President Sarkozy has not yet indicated whether or not he will convene the congress.

The chances are that he will. However, even if he does, the chances of the reform being adopted are touch and go. The Socialists are opposed to the reform, because they claim that the right has increased the deficit. Knowing this, Le Monde reports that in the run up to next year’s presidential election President Sarkozy will want to hold a congress so that the Socialists are forced to vote ‘no’. If he does and they do, he can then claim that if the Socialists are elected then there will be fiscal irresponsibility.

I am tweeting the French presidential election. If you want to follow events there, then please follow me on Twitter @robertelgie

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