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Debt and public spending, Raphaël Glucksmann

Handling of the debt: Debt reduction path over five years

Direction of change: decrease, compared with current law.

The lever. What the programme plans for public debt: repayment, ring-fencing, buyback or cancellation by the central bank, restructuring. Direction rule: ↑ higher targeted debt; ↓: debt reduced.

« assurer l’équilibre des comptes publics par un contrat de stabilité instaurant une trajectoire engageante de réduction de la dette et des déficits sur 5 ans. »1

Translation by the editorsensure balanced public accounts through a stability contract establishing a binding path of debt and deficit reduction over 5 years.

Place publique, « Budget pour 2026 : un moindre mal qui nous engage à construire une alternative crédible pour la France ! », 3 February 2026. Position taken from a document of the candidate’s party or movement, not from a presidential programme.

No programme released. Positions taken from public statements, words of associates or documents of the candidate’s party, each dated and sourced; last recorded on 21 October 2026.

Encoding

No cost-schedule parameter for this position: see the costing for the reason.

Costing

Announced by the candidate

not announced

The cited source does not cost this measure.

Published costings

none

No external costing of this position recorded to date.

Our calculation

lever that cannot be costed

Lever with no coefficient in the cost schedule: the position is compared, not costed.

Current law, sources and limits of the cost schedule

Current law. Public debt (Maastricht) at end-2025: €3,460.5bn, i.e. 115.6% of GDP. OFCE forecasts: 118.3% in 2026, 119.8% in 2027. General government interest charges: €64.7bn in 2025, i.e. 2.2% of GDP (OFCE: 2.4% in 2026, 2.6% in 2027). Average maturity of State debt: 8.5 years (April 2026).

Horizon. Not applicable in static costing; sensitivity given as a benchmark.

Limits. The « traitement » (treatment) of the debt (cancellation of securities held by the Banque de France, restructuring, ring-fencing, forced loan) is a matter of European law and market confidence: it is not costed statically. Sensitivity benchmark: +100 basis points across the whole yield curve add €3.1bn of interest charges in the 1st year, €7.5bn in the 2nd, €18.4bn in the 5th, €32.1bn in the 10th (negotiable State debt); +1 point of inflation adds €3.0bn (index-linked securities). To be used to assess the effect of a programme on the risk premium, separately from the central figure.

How to read these amounts. These are static costs and revenues, with no feedback effect, over a full year: nothing on growth, employment or the revenue that economic activity would gain or lose. A higher net cost does not on its own make a worse policy, nor net savings a better one: each programme rests on an economic model (demand-led stimulus, lower compulsory levies, consolidation of the public accounts…) that the cost schedule does not settle. GDP itself measures a volume of activity, not well-being or the usefulness of what is produced. Economic models and feedback effects.

This lever in the method · Costing for Raphaël Glucksmann

  1. Place publique, « Budget pour 2026 : un moindre mal qui nous engage à construire une alternative crédible pour la France ! », 3 February 2026. Position taken from a document of the candidate’s party or movement, not from a presidential programme. Read the source (Place publique, « Budget pour 2026 : un moindre mal qui nous engage à construire une alternative crédible pour la France ! »).

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