Industry and investment, Fabien Roussel
Additional public investment, per year: Future pact: €500bn borrowed over 5 years by the CDC and Bpifrance
Direction of change: increase, compared with current law.
The lever. Additional public investment announced, in billions of euros per year. Direction rule: ↑ higher investment.
« C'est la possibilité pour la France, pour un gouvernement, d'emprunter 500 milliards d'euros sur cinq ans, que nous proposons de mobiliser à travers le pôle public bancaire composé par la CDC et la BPI. […] C'est possible de mobiliser le pouvoir des banques pour pouvoir accompagner les investissements, relocaliser l'industrie, investir dans un plan climat, la transition écologique et relancer son économie. »1Translation by the editorsIt is the possibility for France, for a government, to borrow 500 billion euros over five years, which we propose to mobilise through the public banking hub made up of the CDC and the BPI. […] It is possible to mobilise the power of the banks to support investment, relocate industry, invest in a climate plan, the ecological transition, and revive its economy.
Words of Fabien Roussel, pcf.fr, « Discours de Fabien Roussel - Fête de l'Huma 31 » (Toulouse), 2 June 2026. Position taken from public statements, not from a written 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 18 October 2026.
Encoding
No cost-schedule parameter for this position: see the costing for the reason.
Costing
Announced by the candidate
amount not broken down
Amount announced with no readable annual amount for this position alone: « emprunter 500 milliards d'euros sur cinq ans » [“borrow 500 billion euros over five years”], mobilised by the public banking hub (CDC, Bpifrance); « un fonds d'avenir doté de 500 milliards d'euros » [“a future fund endowed with 500 billion euros”] (closing speech of the 40th congress, 5 July 2026)
Published costings
none
No external costing of this position recorded to date.
Our calculation
not costed
Loan plan whose public spending share is not stated: €500bn borrowed over five years by the public banking hub (Caisse des dépôts, Bpifrance) to support public and private investment, without saying what share would be public spending (grant, interest rate subsidy); nothing to cost on the balance (common rule, the same for Jean-Luc Mélenchon; Gabriel Attal, who states the public share of his plan, remains costed). The « prêts sans effet sur le solde » [“loans with no effect on the balance”] reading, adopted until now (position counted at zero): a loan weighs on the debt of these institutions, not on the public balance; other reading, public investment spending of €100bn a year.
Current law, sources and limits of the cost schedule
Current law. There is no national rule setting the level of public investment. The 2024 European fiscal rules (net expenditure path) apply. General government GFCF amounts to €132.2bn in 2025 (Insee, annual national accounts, base 2020), i.e. about 4.4% of a GDP of €2,991.1bn.
Horizon. Spending in a full year, static: €1 announced = €1 of deficit, before any feedback effect on growth.
Limits. Most public investment is carried out by local authorities: a State commitment is only met if it goes through grants or State appropriations. Beware of double counting with the rail, renovation, EPR2 (a loan is not public investment), France 2030 and defence levers. A plan that goes partly through loans, guarantees or capital injections weighs less on the deficit: the Institut Montaigne (2022) estimated, « à la lumière » [“in the light”] of the investment-for-the-future programmes, that €200bn over five years would weigh only €29bn per year on the deficit (72.5%). These financial transactions weigh on the debt, which the cost schedule counts separately; the parameter applies only to investment spending, and this judgement on the composition of a plan is not a bound of the coefficient. Multiplier effects are not included in the central figure (rule of the method). Provisional Insee data, subject to revision. Common rules of 18 October 2026: an announced envelope is taken at the candidate's amount, converted to an annual figure over the duration they give or, if they give none, over the five-year term (five years); a fund lent by the Caisse des dépôts, Bpifrance or regulated savings (public banking hub) is read as having no effect on the balance (low reading: position counted at zero and marked as an assumption), the reading as public spending being cited in the note.
- Comptes nationaux annuels en 2025 (Insee), 2026-05: « FBCF « administrations publiques 5,4 5,3 2,6 132,2 1,0 3,7 0,1 » (132,2 = milliards d'euros 2025) ; le PIB « atteint 2 991,1 milliards d'euros » »
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.
- pcf.fr, « Discours de Fabien Roussel - Fête de l'Huma 31 » (Toulouse), 2 June 2026. Words of Fabien Roussel. Position taken from public statements, not from a written programme. Read the source (pcf.fr, « Discours de Fabien Roussel - Fête de l'Huma 31 » (Toulouse)).
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