France’s Debt Challenge
On July 15, 2025, Prime Minister François Bayrou unveiled a comprehensive austerity strategy aimed at halving France’s budget deficit—from 5.8% of GDP in 2024 to 4.6% by 2026, and ultimately to 3% by 2029, in line with EU requirements (Reuters). With a national debt equal to 114% of GDP, this proposal is billed as essential to prevent a fiscal crisis reminiscent of Greece (El País).
Holiday Cuts as a Cost‑Saver
Bayrou’s plan includes eliminating two public holidays—Easter Monday and Victory in Europe Day (May 8)—to boost economic output and tax revenues, contributing part of a €43.8–44 billion savings package (AP News). France currently observes 11 annual public holidays: 8 June, Pentecost, etc. (Wikipedia).
Other Austerity Measures
Across-the-board fiscal restraints include:
- Freeze on public spending, including pensions and welfare, for a “blank year” in 2026;
- Restricting healthcare budgets by €5 billion;
- Cutting unemployment benefits and halting civil service replacements at one-third;
- Introducing a new solidarity tax and cracking down on tax fraud;
- Only defense spending rises—by €6.5 billion (El País, Financial Times, The Times).
Political and Cultural Backlash
The holiday cut has generated fierce criticism:
- The far-right National Rally, led by Marine Le Pen and Bardella, denounced the removal of V‑E Day as “an attack on our history, our roots, and working France” (The Guardian, Omni).
- Left-wing parties and labor unions argue it’s socially regressive and symbolic—striking at the core of French social identity (The Times).
- With a hung parliament, Bayrou’s centrist minority must tread carefully: failure may bring no‑confidence motions similar to those that felled predecessor Barnier (El País).
Timeline Ahead
- The draft budget bill, including holiday reductions, will go before the National Assembly in October 2025 (Reuters).
- Strong backlash from MPs, unions, and political factions may complicate passage or prompt use of constitutional article 49.3 (enacting without vote) (Wikipedia).
- Labor unions plan public demonstrations, and opponents warn of widespread social unrest .
Economic and Cultural Stakes
- Productivity Gains: François Bayrou removing holidays may yield modest revenue increases through more working days—seen as necessary by proponents (AP News).
- Social Cohesion: Critics see it as a cultural blow—especially eliminating a solemn commemoration like V‑E Day, which honors WWII sacrifices .
- Public Morale: Asking citizens to sacrifice symbolic and economic time off could erode trust in government at a time of political fragility.
Summary
François Bayrou fiscal package—entailing a €44 billion savings push—makes cutting Easter Monday and May 8 Victory Day central to its strategy. While this aligns French finances with EU standards, it has inflamed debate over cultural identity and fairness. As lawmakers prepare to vote in autumn 2025, the proposal’s future remains uncertain amid mounting public resistance and fragile parliamentary standing.
