1 00:00:02,440 --> 00:00:08,119 Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Ben, thank you so 2 00:00:08,200 --> 00:00:11,239 Speaker 1: much for joining us on Bloomberg TV. Let me ask 3 00:00:11,240 --> 00:00:13,120 Speaker 1: you what you see as the way forward. 4 00:00:14,840 --> 00:00:21,000 Speaker 2: But well, the Prime Minister and his government have just 5 00:00:21,120 --> 00:00:23,720 Speaker 2: fallen because of a budget that we felt was extremely 6 00:00:23,760 --> 00:00:32,840 Speaker 2: bad for the country. A new prime Minister will most 7 00:00:32,840 --> 00:00:35,120 Speaker 2: certainly be appointed this evening and he will form his 8 00:00:35,159 --> 00:00:38,240 Speaker 2: government quickly and we'll go back to the drawing board. 9 00:00:38,640 --> 00:00:40,760 Speaker 2: That is to say, we'll work again on a budget 10 00:00:40,760 --> 00:00:43,360 Speaker 2: that is likely to be able to renew France with growth, 11 00:00:43,640 --> 00:00:46,200 Speaker 2: with the creation of wealth, without hitting the French people 12 00:00:46,200 --> 00:00:48,519 Speaker 2: with a very French problem, which is taxes. 13 00:00:52,320 --> 00:00:57,360 Speaker 1: L you've asked yesterday, or you've said yesterday that the 14 00:00:57,400 --> 00:01:00,400 Speaker 1: President macn does not need to resign. Why not? 15 00:01:04,120 --> 00:01:07,880 Speaker 2: Well, in any case, what I said that the president's 16 00:01:07,920 --> 00:01:11,440 Speaker 2: resignation is a personal decision on his behalf and can 17 00:01:11,480 --> 00:01:14,560 Speaker 2: only take place in my view, when a political crisis 18 00:01:14,640 --> 00:01:18,039 Speaker 2: takes place or an institutional crisis can find no other 19 00:01:18,080 --> 00:01:21,160 Speaker 2: solution than the resignation of the President of the Republic. 20 00:01:21,920 --> 00:01:24,640 Speaker 2: It is not the case for the moment. What I 21 00:01:24,680 --> 00:01:27,360 Speaker 2: do wish, on the other hand, because for sure there 22 00:01:27,400 --> 00:01:30,720 Speaker 2: will be new legislative elections in the next few months. 23 00:01:31,200 --> 00:01:33,520 Speaker 2: Is that we work on a voting system by then 24 00:01:33,600 --> 00:01:36,360 Speaker 2: that enables us to have a real majority, whatever that 25 00:01:36,400 --> 00:01:39,560 Speaker 2: majority may be. But the country needs a majority. It 26 00:01:39,600 --> 00:01:42,280 Speaker 2: can't live for months and years with three blocks, which 27 00:01:42,319 --> 00:01:44,600 Speaker 2: in reality can't implement a policy. 28 00:01:46,480 --> 00:01:49,320 Speaker 1: Would you resign if you're a president of France today. 29 00:01:51,920 --> 00:01:53,880 Speaker 2: I would hope that I wouldn't find myself in mister 30 00:01:53,960 --> 00:01:57,600 Speaker 2: mccron's situation, because, after all, he is majorly responsible for 31 00:01:57,640 --> 00:02:00,720 Speaker 2: this situation, because the result of my Aniel Macron on 32 00:02:00,760 --> 00:02:04,680 Speaker 2: an economic level are extremely bad. He introduced himself as 33 00:02:04,680 --> 00:02:07,760 Speaker 2: being the Mozart of finance, but the reality is when 34 00:02:07,760 --> 00:02:09,880 Speaker 2: you look at the figures when he came, and the 35 00:02:09,880 --> 00:02:13,560 Speaker 2: figures today were not even drifting. We're going down a slope. 36 00:02:13,680 --> 00:02:17,160 Speaker 2: Whether we're talking about debt, just to remind you, in 37 00:02:17,200 --> 00:02:21,639 Speaker 2: twenty seventeen, two thousand, two hundred billion of debt now 38 00:02:21,720 --> 00:02:25,040 Speaker 2: three thousand, three hundred billion of debt, whether we're talking 39 00:02:25,120 --> 00:02:30,080 Speaker 2: about industry nine percent of GDP in twenty seventeen, sorry 40 00:02:30,320 --> 00:02:34,000 Speaker 2: I meant eleven percent in twenty seventeen, nine percent today, 41 00:02:34,240 --> 00:02:37,880 Speaker 2: and the commercial deficit seventy billion to one hundred billion 42 00:02:38,000 --> 00:02:42,520 Speaker 2: deficits that have increased in a spectacular way. We were 43 00:02:42,560 --> 00:02:45,760 Speaker 2: at two point six percent of GDP in twenty seventeen, 44 00:02:46,760 --> 00:02:49,240 Speaker 2: now we're at six point one percent. So he has 45 00:02:49,280 --> 00:02:51,840 Speaker 2: placed the country in such an appalling situation from an 46 00:02:51,880 --> 00:02:54,120 Speaker 2: economic point of view that I don't really want to 47 00:02:54,120 --> 00:02:55,280 Speaker 2: compare myself to him. 48 00:02:57,280 --> 00:02:57,800 Speaker 3: Economic. 49 00:03:01,440 --> 00:03:04,720 Speaker 1: But this latest budget and Monsieur Vamier was actually considered 50 00:03:05,280 --> 00:03:09,080 Speaker 1: very respectable, liked by the markets in terms of the budget, 51 00:03:09,120 --> 00:03:11,480 Speaker 1: and he gave your party quite a lot of concessions. 52 00:03:11,960 --> 00:03:17,520 Speaker 2: And well, first of all, that's wrong, and that's not 53 00:03:17,560 --> 00:03:20,640 Speaker 2: what we're talking about. What we're talking about is that 54 00:03:20,680 --> 00:03:23,760 Speaker 2: we can't consider and I can't imagine the markets considered 55 00:03:23,800 --> 00:03:26,160 Speaker 2: that a good budget is a budget when in fact 56 00:03:26,240 --> 00:03:29,680 Speaker 2: we have record taxation within Europe that increases taxes by 57 00:03:29,720 --> 00:03:33,720 Speaker 2: another forty billion, and that four billion of extra taxes 58 00:03:33,760 --> 00:03:36,640 Speaker 2: on companies is good news at a time when we 59 00:03:36,680 --> 00:03:40,040 Speaker 2: had sixty five thousand companies going out of business, that 60 00:03:40,160 --> 00:03:42,480 Speaker 2: is to say, a record last year, at a moment 61 00:03:42,560 --> 00:03:45,880 Speaker 2: when unemployment is increasing again and once again there were 62 00:03:45,880 --> 00:03:49,400 Speaker 2: two hundred and sixty redundancy plans throughout the country. And 63 00:03:49,440 --> 00:03:51,560 Speaker 2: the budget was bad. And not only did it give 64 00:03:51,640 --> 00:03:54,960 Speaker 2: rise to enormous extra taxes, but there were no savings 65 00:03:55,000 --> 00:03:56,440 Speaker 2: as far as the state was concerned. 66 00:03:57,440 --> 00:04:12,920 Speaker 3: I'm going for a example, sur. 67 00:04:09,000 --> 00:04:10,840 Speaker 2: The elephant in the room, if you will, is the 68 00:04:10,840 --> 00:04:14,120 Speaker 2: state's TX expending, which carries on going up and up 69 00:04:14,200 --> 00:04:17,919 Speaker 2: and up, linked first of all to a multitude of waste, 70 00:04:17,960 --> 00:04:22,480 Speaker 2: thousands of agencies, various institutes, which of course cost a fortune, 71 00:04:23,320 --> 00:04:26,320 Speaker 2: and then of course linked to immigration. Let's be clear 72 00:04:26,320 --> 00:04:29,200 Speaker 2: about things. When there are five hundred thousand people that 73 00:04:29,240 --> 00:04:31,800 Speaker 2: are coming into our country per year and only ten 74 00:04:31,839 --> 00:04:34,760 Speaker 2: percent have got a work contract, how do we expect 75 00:04:34,800 --> 00:04:37,640 Speaker 2: our social security system to take on this considerable weight 76 00:04:37,680 --> 00:04:40,080 Speaker 2: of people who for ninety percent of them will not 77 00:04:40,240 --> 00:04:42,080 Speaker 2: participate to the creation of wealth. 78 00:04:45,760 --> 00:04:48,320 Speaker 1: But when you do the numbers, what can you promise 79 00:04:48,360 --> 00:04:51,679 Speaker 1: the markets in terms of deficit? So this latest budget 80 00:04:51,680 --> 00:04:56,360 Speaker 1: proposal meant the deficit would be five percent of GDP 81 00:04:56,480 --> 00:04:59,680 Speaker 1: next year and then three percent in twenty twenty nine, 82 00:05:00,080 --> 00:05:02,960 Speaker 1: you promise similar numbers. 83 00:05:04,839 --> 00:05:08,000 Speaker 2: Well, I believe the markets would be right not to 84 00:05:08,040 --> 00:05:11,680 Speaker 2: be contended simply with promises, especially when the promises can't 85 00:05:11,720 --> 00:05:15,880 Speaker 2: be kept, Because, after all, the major difficulty in this 86 00:05:15,960 --> 00:05:17,920 Speaker 2: area is that we've got to be able to make 87 00:05:18,000 --> 00:05:21,039 Speaker 2: structural savings with regard to the functioning of the state, 88 00:05:22,000 --> 00:05:25,040 Speaker 2: but at the same time recreate the conditions for wealth, 89 00:05:25,960 --> 00:05:29,840 Speaker 2: that is to say, reindustrialization, to act on aspects that 90 00:05:29,880 --> 00:05:33,600 Speaker 2: are essential, like, for example, the cost of energy, because 91 00:05:33,640 --> 00:05:36,359 Speaker 2: after all, it's the cost of energy which is really 92 00:05:36,360 --> 00:05:39,520 Speaker 2: the key to all of this. And we mustn't strangle 93 00:05:39,560 --> 00:05:47,000 Speaker 2: the economy. If you want to go too fast, you've 94 00:05:47,040 --> 00:05:50,479 Speaker 2: got to have a trajectory that's a reasonable trajectory based 95 00:05:50,480 --> 00:05:53,720 Speaker 2: on the creation of wealth and structural savings, rather than 96 00:05:53,760 --> 00:05:56,640 Speaker 2: saying you will see we're going to reduce the deficit 97 00:05:56,680 --> 00:05:59,560 Speaker 2: by two points over three years, and in fact you're 98 00:05:59,560 --> 00:06:02,320 Speaker 2: doing things that are so appalling that people no longer 99 00:06:02,360 --> 00:06:04,840 Speaker 2: spend money, and they save too much. There is no 100 00:06:04,880 --> 00:06:08,440 Speaker 2: longer any investment, and the economy collapses. And so we 101 00:06:08,520 --> 00:06:11,599 Speaker 2: don't want to submit to deficits. It's been fifty years 102 00:06:11,680 --> 00:06:15,080 Speaker 2: that we've been passing budgets with chronic deficits. We no 103 00:06:15,160 --> 00:06:18,120 Speaker 2: longer want to be in that modus operandi. We want 104 00:06:18,160 --> 00:06:20,800 Speaker 2: to reabsorb the deficits, but we want to do it 105 00:06:20,839 --> 00:06:25,080 Speaker 2: intelligently without depriving us of the chance to reindustrialize, to 106 00:06:25,120 --> 00:06:27,839 Speaker 2: be able to help companies, to count on them to 107 00:06:27,920 --> 00:06:31,200 Speaker 2: create wealth and therefore to also create employment, and to 108 00:06:31,279 --> 00:06:34,800 Speaker 2: make young people work, because after all, that's also the 109 00:06:34,839 --> 00:06:38,720 Speaker 2: central problem, because if young people don't work, then social 110 00:06:38,760 --> 00:06:42,760 Speaker 2: protection systems will be unbalanced. So all of those aspects 111 00:06:42,800 --> 00:06:45,400 Speaker 2: are equilibriums that we have to try to find. 112 00:06:46,120 --> 00:06:48,560 Speaker 1: So, in terms of numbers, three percent of GDP and 113 00:06:48,600 --> 00:06:50,279 Speaker 1: twenty twenty nine is far fetched. 114 00:06:54,680 --> 00:06:57,800 Speaker 2: Getting to three percent in twenty twenty nine, I don't 115 00:06:57,800 --> 00:07:00,880 Speaker 2: think it's credible, but I'm not the only one. I 116 00:07:00,880 --> 00:07:03,200 Speaker 2: don't think it's credible either. To the President of the 117 00:07:03,240 --> 00:07:07,400 Speaker 2: Corte de Compte State Order, once again, these are simply 118 00:07:07,440 --> 00:07:10,200 Speaker 2: promises and they know very well that they can't keep 119 00:07:10,200 --> 00:07:14,160 Speaker 2: to them. Mister Barney made that promise and in reality 120 00:07:14,280 --> 00:07:17,800 Speaker 2: his budget worsened the deficit by twelve billion. So if 121 00:07:17,840 --> 00:07:21,800 Speaker 2: we don't make significant intelligent structural savings with regard to 122 00:07:21,880 --> 00:07:24,440 Speaker 2: the state, and if we don't put in place the 123 00:07:24,440 --> 00:07:28,720 Speaker 2: conditions so that companies can work invest without being suffocated 124 00:07:28,800 --> 00:07:32,760 Speaker 2: with extra taxes, we won't get there. But with those 125 00:07:32,800 --> 00:07:36,240 Speaker 2: two solutions we can succeed as quickly as possible to 126 00:07:36,280 --> 00:07:39,240 Speaker 2: get back to a reasonable deficit. Even if the three 127 00:07:39,280 --> 00:07:45,400 Speaker 2: percent was just decided on the back of an envelope, 128 00:07:45,520 --> 00:07:46,840 Speaker 2: how fast could. 129 00:07:46,720 --> 00:07:47,040 Speaker 1: That be. 130 00:07:48,880 --> 00:07:53,320 Speaker 2: To Well, it's a matter of weeks. We'll discuss it 131 00:07:53,320 --> 00:07:56,680 Speaker 2: with the new Prime minister. We'll work together, we'll explain 132 00:07:56,720 --> 00:07:59,400 Speaker 2: what our red lines are. Our red lines are. We 133 00:07:59,480 --> 00:08:01,600 Speaker 2: can't ask the French people to pay the bill for 134 00:08:01,640 --> 00:08:04,920 Speaker 2: the mistakes of their leaders. That's what mister Barney did. 135 00:08:05,360 --> 00:08:09,480 Speaker 2: He massively increases taxation. He hits sick people, retired people, 136 00:08:09,600 --> 00:08:13,000 Speaker 2: he hits everyone. And at the same time, once again, 137 00:08:13,080 --> 00:08:17,000 Speaker 2: there's zero savings from the state. And that's inadmissible. 138 00:08:18,760 --> 00:08:20,040 Speaker 3: For surely time that. 139 00:08:21,880 --> 00:08:23,160 Speaker 1: Who would you like as prime minister? 140 00:08:24,640 --> 00:08:27,000 Speaker 2: Oh, it's not for me to choose. That really is 141 00:08:27,040 --> 00:08:30,520 Speaker 2: the role of the President of the Republic. It's his responsibility. 142 00:08:30,760 --> 00:08:32,920 Speaker 2: And I don't really care about the name. I care 143 00:08:32,960 --> 00:08:35,800 Speaker 2: about the method. I want the Prime minister to respect 144 00:08:35,880 --> 00:08:39,280 Speaker 2: all the political forces that are represented at the National Assembly. 145 00:08:39,760 --> 00:08:41,400 Speaker 2: It's quite simply called democracy. 146 00:08:42,800 --> 00:08:47,160 Speaker 1: What can President Macun do today for your voters. 147 00:08:48,520 --> 00:08:53,400 Speaker 2: But leave Well, no, there isn't a solution. Immanuel Macron 148 00:08:53,480 --> 00:08:56,360 Speaker 2: will never do very much in reality, and he's not 149 00:08:56,400 --> 00:08:58,480 Speaker 2: going to give up on what he's been doing for 150 00:08:58,520 --> 00:09:03,080 Speaker 2: seven years, destroyed everything. He's destroyed everything in seven years. 151 00:09:05,080 --> 00:09:16,240 Speaker 2: Lat He destroyed what used to function in our state, 152 00:09:16,840 --> 00:09:21,720 Speaker 2: the prefectural etcetera. He destroyed France's load bearing walls. He's 153 00:09:21,800 --> 00:09:26,360 Speaker 2: caused massive de industrialization, He's crushed the French people with taxation. 154 00:09:27,040 --> 00:09:29,959 Speaker 2: He's done everything he wasn't supposed to do. So I'm 155 00:09:30,000 --> 00:09:32,720 Speaker 2: not going to, for example, have any hope that tomorrow 156 00:09:32,760 --> 00:09:35,160 Speaker 2: he'll be able to do absolutely the opposite of what 157 00:09:35,200 --> 00:09:39,080 Speaker 2: he's done over seven years. Now, once again we will 158 00:09:39,120 --> 00:09:41,040 Speaker 2: have to make do as long as he's there by 159 00:09:41,080 --> 00:09:43,679 Speaker 2: hoping that the Prime Minister will be more reasonable than 160 00:09:43,720 --> 00:09:50,920 Speaker 2: he is. 161 00:09:51,400 --> 00:09:54,600 Speaker 1: Not. Even a referendum on immigration would would make a difference. 162 00:10:00,080 --> 00:10:03,040 Speaker 2: He could have a referendum on immigration, but he won't 163 00:10:03,080 --> 00:10:05,800 Speaker 2: do it because, after all, he said, I'm prepared to 164 00:10:05,800 --> 00:10:09,280 Speaker 2: do a referendum on every subject apart from immigration. So 165 00:10:09,440 --> 00:10:11,480 Speaker 2: it's kind of a taboo that we can't understand the 166 00:10:11,559 --> 00:10:15,720 Speaker 2: justification for, because it's obvious that immigration that is totally 167 00:10:15,760 --> 00:10:18,319 Speaker 2: out of control like we're living through, is not only 168 00:10:18,320 --> 00:10:20,960 Speaker 2: a problem as far as our public finances are concerned, 169 00:10:21,480 --> 00:10:24,000 Speaker 2: it's also a problem in terms of the consequences it 170 00:10:24,040 --> 00:10:28,320 Speaker 2: has with regards to the explosion of delinquency. So I 171 00:10:28,360 --> 00:10:31,200 Speaker 2: don't think he'll ever touch immigration vill. 172 00:10:31,280 --> 00:10:36,280 Speaker 1: Go Len, But why not ask him to leave them 173 00:10:36,320 --> 00:10:40,679 Speaker 1: before twenty twenty seven, even if the institutions say otherwise. 174 00:10:43,240 --> 00:10:45,240 Speaker 2: Well, because to ask him to resign would mean to 175 00:10:45,280 --> 00:10:50,120 Speaker 2: disturb our institutions. Once again, it's his decision now if 176 00:10:50,160 --> 00:10:53,880 Speaker 2: there is a political crisis, an institutional crisis, and if 177 00:10:53,920 --> 00:10:57,000 Speaker 2: he can no longer dissolve the assembly, if reshuffles serve 178 00:10:57,080 --> 00:11:00,720 Speaker 2: no purpose and the French constitution only leaves other option, 179 00:11:00,880 --> 00:11:04,600 Speaker 2: which is his resignation. But that wouldn't be a drama either. 180 00:11:05,120 --> 00:11:08,640 Speaker 2: There would be new presidential elections. General DeGaulle, you know, 181 00:11:08,800 --> 00:11:11,559 Speaker 2: designed our institutions and they are very solid. They are 182 00:11:11,600 --> 00:11:15,400 Speaker 2: extremely solid. Everything's done to make sure that the life 183 00:11:15,440 --> 00:11:18,240 Speaker 2: of the nation can carry on and not create disturbances 184 00:11:18,559 --> 00:11:21,560 Speaker 2: that can't be dealt with. If he were to resign now, 185 00:11:21,800 --> 00:11:30,640 Speaker 2: there would be new presidential elections and new legislative elections. 186 00:11:31,840 --> 00:11:34,480 Speaker 1: But but are you worried about these crisis and leading 187 00:11:34,520 --> 00:11:36,439 Speaker 1: to severe market reactions. 188 00:11:37,440 --> 00:11:42,440 Speaker 2: Not no, because the reality is that what worries the 189 00:11:42,480 --> 00:11:46,200 Speaker 2: markets is the economic situation in France. What worries the 190 00:11:46,200 --> 00:11:50,600 Speaker 2: markets is the lack of perspective concerning reducing deficits. It's 191 00:11:50,640 --> 00:11:53,760 Speaker 2: the absence of savings at the state level, the increase 192 00:11:53,800 --> 00:11:57,160 Speaker 2: of taxation on companies that worries the markets. And in 193 00:11:57,200 --> 00:12:00,000 Speaker 2: fact you've seen the markets have remained extremely stable over 194 00:12:00,080 --> 00:12:02,120 Speaker 2: the past few days since the announcement of the no 195 00:12:02,240 --> 00:12:06,120 Speaker 2: confidence vote, and even after the no confidence vote. In reality, 196 00:12:06,200 --> 00:12:08,760 Speaker 2: they had concerns at the moment of the dissolution in June. 197 00:12:09,160 --> 00:12:11,960 Speaker 2: But for the moment, whether it's the spread between France 198 00:12:12,000 --> 00:12:14,880 Speaker 2: and Germany and the rates or the markets, for the moment, 199 00:12:15,520 --> 00:12:19,560 Speaker 2: everything is relatively calm because once again they realized that anyway, 200 00:12:19,840 --> 00:12:22,520 Speaker 2: there has to be at all cost another policy other 201 00:12:22,559 --> 00:12:30,800 Speaker 2: than that envisaged by mister Barnier. 202 00:12:31,720 --> 00:12:33,800 Speaker 1: But the market is probably looking at the fact that 203 00:12:33,840 --> 00:12:37,199 Speaker 1: the ECB is standing close and that there's a want 204 00:12:37,200 --> 00:12:39,760 Speaker 1: from France of getting the deficit down pretty quickly. 205 00:12:40,320 --> 00:12:44,560 Speaker 3: No, I mean, I'm going to. 206 00:12:44,240 --> 00:12:47,000 Speaker 2: Well, yes, but once again there's a long way to 207 00:12:47,040 --> 00:12:51,040 Speaker 2: go between wishes and reality. Mister Barnier wanted to reduce 208 00:12:51,040 --> 00:12:54,760 Speaker 2: the deficits, he's increased them by twelve billion, you see 209 00:12:54,760 --> 00:12:57,880 Speaker 2: what I mean. So once again using a hammer to 210 00:12:57,880 --> 00:13:00,959 Speaker 2: bash French people over the heads with attack is when 211 00:13:01,000 --> 00:13:03,680 Speaker 2: we're the country with the highest rate of taxation in Europe. 212 00:13:03,720 --> 00:13:06,640 Speaker 2: Is not the solution, but it's the only solution that 213 00:13:06,679 --> 00:13:13,559 Speaker 2: French leaders have implemented for years. It doesn't work, sufunction 214 00:13:14,760 --> 00:13:18,080 Speaker 2: a situation. Look at the situation we find ourselves in. 215 00:13:18,280 --> 00:13:22,680 Speaker 2: So help companies enable them to do business. Reduce production tax, 216 00:13:23,040 --> 00:13:25,480 Speaker 2: reduce the cost of energy or at least reduce it 217 00:13:25,520 --> 00:13:28,000 Speaker 2: to the same level as the cost of production in France. 218 00:13:28,640 --> 00:13:31,080 Speaker 2: Those are things that will allow companies to develop and 219 00:13:31,120 --> 00:13:32,240 Speaker 2: thus create employment. 220 00:13:38,320 --> 00:13:40,920 Speaker 1: I mean, first of all that the Bagnier actually proposal 221 00:13:41,000 --> 00:13:44,640 Speaker 1: means that you know GDP would be the deficit of 222 00:13:44,720 --> 00:13:47,319 Speaker 1: GDP would be five percent in twenty twenty five compared 223 00:13:47,360 --> 00:13:51,360 Speaker 1: to six percent this year, so it's going down, no knowing. 224 00:13:53,320 --> 00:13:56,840 Speaker 2: No, the deficit rose by twelve billion. The deficit rose 225 00:13:56,840 --> 00:13:59,840 Speaker 2: by twelve billion. But you know, the head of Saffron, 226 00:14:00,000 --> 00:14:02,480 Speaker 2: which is a major company, has just given an interview, 227 00:14:03,320 --> 00:14:06,079 Speaker 2: and what did the head of Saffron say. He said, 228 00:14:06,120 --> 00:14:09,600 Speaker 2: Barnier's budget is a bad budget. So in reality, the 229 00:14:09,640 --> 00:14:12,720 Speaker 2: fact that it's last year's budget that's applied, however unfair 230 00:14:12,760 --> 00:14:15,800 Speaker 2: it will socially, is actually rather good news for companies. 231 00:14:16,440 --> 00:14:19,320 Speaker 2: There are a certain number of entrepreneurs in economic circles 232 00:14:19,360 --> 00:14:21,760 Speaker 2: who are in fact pleased about the no confidence motion 233 00:14:21,920 --> 00:14:25,040 Speaker 2: because they consider mister Barnier's budget was worse than last 234 00:14:25,080 --> 00:14:27,040 Speaker 2: year's budget, and that's saying something. 235 00:14:29,320 --> 00:14:31,720 Speaker 1: Will you meet Trump when he's here for the reopening 236 00:14:31,760 --> 00:14:33,960 Speaker 1: of Notre Dame on Saturday. 237 00:14:34,040 --> 00:14:36,080 Speaker 2: Well, I won't meet with him, but maybe we'll bump 238 00:14:36,120 --> 00:14:38,320 Speaker 2: into each other, because I will indeed be there too 239 00:14:38,520 --> 00:14:41,040 Speaker 2: at the reopening of Notre Dame, which is a major 240 00:14:41,080 --> 00:14:43,840 Speaker 2: event for us in France. I don't have any relationship 241 00:14:43,880 --> 00:14:46,200 Speaker 2: with Donald Trump. I will have one. I hope the 242 00:14:46,280 --> 00:14:48,440 Speaker 2: day have become president of the Republic. 243 00:14:48,880 --> 00:14:52,040 Speaker 1: You have a trial against you that will decide whether 244 00:14:52,080 --> 00:14:54,840 Speaker 1: you can run for president that we're expecting that outcome 245 00:14:54,920 --> 00:14:58,560 Speaker 1: on the thirty first of March. Will John N. Badella be, 246 00:14:59,160 --> 00:15:02,840 Speaker 1: of course candidate for presidency if you cannot present yourself. 247 00:15:08,520 --> 00:15:11,200 Speaker 2: I don't place myself in that situation of being prevented 248 00:15:11,240 --> 00:15:14,320 Speaker 2: from being a candidate by the justice system. I think 249 00:15:14,360 --> 00:15:16,800 Speaker 2: that in any country it's not acceptable to stop a 250 00:15:16,840 --> 00:15:20,680 Speaker 2: candidate from representing themselves, and therefore I don't think about 251 00:15:20,720 --> 00:15:24,400 Speaker 2: that situation. I hope that the magistrates will respect the 252 00:15:24,440 --> 00:15:27,080 Speaker 2: will of the voters to be able to choose their candidates. 253 00:15:27,880 --> 00:15:29,720 Speaker 2: I have an African friend who sent me a text 254 00:15:29,800 --> 00:15:33,360 Speaker 2: after the raids carried out against me and said, look, Marine, 255 00:15:33,600 --> 00:15:35,760 Speaker 2: there are some countries where people don't have the right 256 00:15:35,840 --> 00:15:38,680 Speaker 2: to vote, and there are countries where candidates aren't allowed 257 00:15:38,720 --> 00:15:42,320 Speaker 2: to stand for election. In fact, I prefer countries where 258 00:15:42,320 --> 00:15:44,920 Speaker 2: people can vote and candidates can stand for election. 259 00:15:48,320 --> 00:15:52,000 Speaker 1: Has it changed your thinking in actually you know, dealing 260 00:15:52,080 --> 00:15:52,600 Speaker 1: with the budget? 261 00:15:52,720 --> 00:15:56,760 Speaker 2: Absolute, absolutely not. It has nothing to do with it. 262 00:15:56,920 --> 00:15:59,280 Speaker 2: In fact, I don't see the relationship between the two. 263 00:16:00,520 --> 00:16:03,320 Speaker 2: My only compass is the interests of the French people, 264 00:16:03,680 --> 00:16:06,680 Speaker 2: the interests of our companies and the future of my country. 265 00:16:07,120 --> 00:16:10,200 Speaker 2: That's the only compass I've always had and we'll ever have.