Public finances

The global financial crisis led to a significant deterioration in public finances, with the situation beginning to improve only after 2015. The exceptional health and economic circumstances caused by the COVID-19 epidemic led to a renewed deficit and an increase in public debt in 2020, as the government assumed much of the burden of mitigating the impact of the epidemic through support measures. Public finances improved again in 2021 and 2022. Today, short-term challenges are increasingly intertwined with those related to the green and digital transition and population ageing. These challenges will affect future public finances, particularly in terms of striking an appropriate balance between the stabilisation and development functions of public finances.