法国：2026年第四条磋商——新闻稿；工作人员报告；法国执行董事声明

2026ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT;ANDSTATEMENT BY THE EXECUTIVEDIRECTOR FORFRANCE Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussionswith members, usually every year. In the context of the2026Article IV consultation withFrance, the following documents have been released and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed during itsJuly 17, 2026consideration of the staff report that concluded the Article IVconsultation withFrance. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onJuly 17, 2026, following discussions that ended onMay 21, 2026,with the officials ofFranceon economic developments and policies. Based oninformation available at the time of these discussions, the staff report was completedonJune 29, 2026. •AnInformational Annexprepared by the IMFstaff. •AStatement by the Executive DirectorforFrance. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Concludes 2026 Article IV Consultation withFrance FOR IMMEDIATE RELEASE •The French economy has remained resilient but faces a more challenging environmentasheadwinds from the Middle East war have started to weigh on activity and higher energy prices havepushed up inflation. •The authorities’ response to the energy shock has so far been appropriate and should remain limited,temporary, and targeted towards the most vulnerable, while preserving market incentives andcontaining fiscal costs. •Amid high fiscal deficits, modest growth, and rising spending pressures, the upcoming electoral cycleprovides an important opportunity for France to articulate a well-defined multi-year strategy to unlockits growth potential and support fiscal consolidation. Washington, DC–July22, 2026:The Executive Board of the International Monetary Fund (IMF)completed the Article IV Consultation for Franceon July 17, 2026.1The authorities have consented to thepublication of the Staff Report prepared for this consultation. The French economy expanded at a moderate pace in 2025, despite domestic and external shocks,while inflation remained contained. However, headwinds from the Middle East war have started to weighon activity, while higher energy prices have pushed up inflation.France’s fiscal stance strengthened in2025, after two consecutive years of slippages, with the deficit declining to5.1 percent of GDP—below the initial budget target—reflecting proactive spending management. Thebanking sector remained resilient, with financial stability risks contained, supported by solid buffers andproactive supervisory efforts. Real GDP growth isprojected to remain modest in 2026, slowing from 0.9 to 0.6 percent, as spilloversfrom the Middle East war raise inflation and dampen domestic demand. While growth is projected torecovergraduallyin 2027 as external conditions stabilize, rising geoeconomic tensions, including in theMiddle East,the potential for a disorderly AI correction,and heightened political uncertainty ahead ofnext year’s presidential elections pose significant downside risks. By contrast, easing geoeconomictensions and renewed political consensus around ambitious structural reforms—supported by deeper EUcoordination—could boost confidence, investment, and overall growth. Executive Board Assessment2 Executive Directors agreed with the thrust of the staff appraisal. They welcomed the French economy'scontinued resilience, despite a succession of external shocks, including the Middle East war, anddomestic policy uncertainty. Against the backdrop of high public debt, modest growth, rising spendingpressures, and downside risks, Directors encouraged the authorities to press ahead with fiscalconsolidation while pursuing ambitious structural reforms to unlock France's potential and supportdurable, inclusive growth. Directors highlighted the need for credible, growth-friendly, and expenditure-led fiscal consolidation tobring the deficit below 3 percent of GDP by 2029 and durably entrench debt sustainability. Theywelcomed the 2025 fiscal overperformance and considered the authorities’ response to the energy shockas appropriate, agreeing thatany further measures should remain limited, temporary, and targeted to themost vulnerable, while preserving market incentives and containing fiscal costs. They concurred thatfiscal adjustment should be anchored in aclearly specifiedmulti-year strategy composed of high-qualitymeasures and structural reforms to reprioritize spending, improve efficienc