The French can no longer bear the increase in taxes, fees, and overwhelming fiscal burdens, especially as their public services are disappearing. A survey shows that 67% of the French population supports asking wealthier households to contribute more in order to reduce the public deficit!

What can be done to sustainably resolve the disastrous equation of our budgetary situation? The increase in taxes is dividing the French and fueling their anger. So why not launch a major national loan? Subscribing to such a loan wouldn’t be giving the government a blank check, as it remains incapable of reforming itself. However, this loan could serve as a springboard to unify the residents of a deeply fractured country. This loan would need to offer a return higher than that of the current Livret A savings account, which stands at 3%. This could encourage French savers, who are saving at record levels, to start spending again! The net collection for the Livret A is at record highs, and life insurance represents €1,923 billion!

The history of French public finances is dotted with the launch of loans, some more successful than others. In 1983, a severe financial crisis threatened France, prompting President Mitterrand to change his economic policy, which was leading the country into a dead end. Measures like cost controls and nationalizations were introduced. The Mauroy Loan was launched, imposed on taxpayers subject to income tax and wealth tax. Nearly 14 billion francs were raised from 7 million forced subscribers. They received a generous annual return of 11%, though inflation at the time was hovering around 10%!

Issued in 1952 by Prime Minister Antoine Pinay, his famous loan was indexed to gold, offering a 3.5% interest rate. The Giscard Loan at 7% in 1973, during the first oil shock, proved difficult for the Treasury. The state ended up paying back 55 billion francs instead of the expected 6.5 billion francs, as the loan indexed to gold became a financial black hole, with gold price fluctuations driving up costs.

Let’s not forget the Balladur Loan, launched on May 25, 1993, by the Prime Minister. It raised 40 billion francs. During the height of the U.S. subprime crisis, President Sarkozy launched a loan in 2009, raising €35 billion. However, it was placed on financial markets, not raised directly from the French public.

So, could a future national loan be launched to save our public finances? The political risk in the current context is high. Public distrust of the political class is strong. However, it would also be a test of the French people's interest in the future of their country.