Interview

Russian assets and Mercosur: France's decisive role in Brussels. Lescure speaks

Interviewed by a number of European newspapers, including Il Sole24Ore, Finance Minister Roland Lescure, 59, noted that French economic growth is 'resilient' and that the country is 'learning to build compromises'

From our correspondent Beda Romano

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Il ministro francese dell'Economia e delle Finanze Roland Lescure parla durante una sessione di interrogazioni al governo all'Assemblea nazionale, la camera bassa del Parlamento francese, a Parigi il 9 dicembre 2025. (Foto di Alain JOCARD / AFP)

4' min read

Translated by AI
Versione italiana

4' min read

Translated by AI
Versione italiana

BRUSSELS - France is in the front line in these last days of the year in Brussels. On two fronts, it could prove to be the needle of the scales. The first is that relating to the use of Russian assets. The second concerns the signing of the trade agreement with Mercosur. More generally, interviewed by some European newspapers, including Il Sole24Ore, Finance Minister Roland Lescure, 59, noted that French economic growth is 'resilient' and that the country is 'learning to build compromises'.

"This year," the minister explains, "we should register a growth in gross domestic product of at least 0.8 per cent, maybe even a little more - compared to the expected 0.7 per cent. The budget deficit will be 5.4 per cent of GDP, as expected. We will therefore be in line with the targets. We have shown our partners, the European Commission and the markets that we are able to monitor and manage the budget deficit to ensure that we meet our commitments'.

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Public finance and Russian assets

However, next year's budget still has to be approved. The Lecornu government's goal is to record a deficit of 4.7% of GDP in 2026. This will not be easy: 'After the vote on the social security budget (on 9 December in the National Assembly, ed.), we are probably now closer to a 5% deficit. This means that the state budget will have to be strict to ensure that next year we remain globally below or close to 5% of GDP'.

To ensure this, the draft budget of the Ministry of Finance envisages two-thirds spending cuts and one-third tax increases. The choices are now in the hands of parliament. There is no shortage of knots, especially since Paris wants to significantly increase defence spending. Roland Lescure wants to be cautiously optimistic, and on this occasion confirms the goal of reducing the deficit to below 3.0% of GDP by 2029, despite the suspension of the pension reform.

On the various European fronts still open, Paris could turn out to be the needle of the scales. These days, the Twenty-Seven are discussing using the Russian assets frozen at the time of the invasion of Ukraine to support Kiev. Is he confident of finding an understanding between the member countries? "I am confident because where there is a will, there is also a way (...) I have no doubt that we will find a financially, legally and technically sound solution."

That said, the French government has criticised in recent days the plan to use all Russian assets held on EU territory: not only those deposited with the Belgian financial company Euroclear, but also those in other European countries, including France itself. In this regard, the minister's response was possibilistic: 'We have to make sure that, once again, from a technical, financial and legal point of view, all the issues raised are resolved'.

Mercosur and the European budget

The topic of Russian assets crosses the signing of the agreement with Mercosur, expected next week. Here again, the European decision may depend on Paris, so much so that some wonder whether France will not condition its support for one to gain advantages on the other. On the trade front, the minister recalled the French demands: 'strong and efficient' safeguards for the agricultural sector, 'clauses-miroirs to protect our citizens', and import controls.

'The European Union,' Roland Lescure added, 'is the world's leading trade power. It is the largest developed market in the world and trade agreements can only be beneficial for us if they are balanced and all parties play by the rules. But this is no longer the case. Europe remains open, but needs to know how to protect itself against unfair practices. The challenge these days is to move forward, find allies and ensure that trade is beneficial for all parties'.

Finally, on the European budget 2028-2034, the negotiations are also entering into full swing. "France shares the objective of simplifying and modernising the European budget. This budget must also have a protective block, including our democratic values, our children, our social fabric. We have a European way of doing things. Of course, we will have priorities such as the common agricultural policy, which is fundamental for our food sovereignty, and other Member States will have them too'.

In the past, many countries have enjoyed discounts or rebates (rebates in English). What does France think about this? "My opinion is that Europe is a house that works well when we all try to spend time together in the common room, rather than each in their own bedroom. Historically, refunds were probably a way of reassuring the public that the net contributors would get their 'money' back'.

The minister concludes: 'One thing I know for sure is that when refunds were negotiated, they were the last point of negotiation, not the first. If you start discussing the common house by asking how much you can keep in your bedroom, I think that is wrong. So let's try to move forward first on what we agree on and then see, in the end, if we need to make some changes and how to make them. Let's build the house first and then see how to paint the different rooms.

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