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| Loi de finances (France) | |
|---|---|
| Name | Loi de finances |
| Country | France |
| Type | Finance law |
| Enacted by | Assemblée nationale (France) and Sénat |
| Signed by | President of the Republic |
| First enacted | 1910 |
Loi de finances (France) is the statutory instrument that authorizes the annual revenue and expenditure of the French State and defines fiscal policy for a given budgetary year. It is prepared by the French Government under the authority of the Prime Minister and presented to the Assemblée nationale (France) and Senate for adoption, integrating taxation, allotments, and special funds across ministries such as Ministry of Economy and Finance and Ministry of the Interior.
The law is defined by the Constitution (notably article 34 and article 47) and codified in the General Tax Code and in the Public Finance Code, establishing competences between the Constitutional Council, Council of State, and national assemblies. It interacts with instruments such as the orientation and programming laws, the Stability and Growth Pact commitments to the EU, and the Treaty on European Union fiscal rules, aligning with decisions of the European Commission and rulings of the European Court of Justice.
Roots trace to early 19th-century fiscal practice and were formalized by the 1910 finance law regime; subsequent landmarks include reforms after the World War I fiscal crises, the Great Depression, and post-World War II reconstruction under leaders like Georges Clemenceau and Charles de Gaulle. The Fifth Republic introduced constitutional controls in 1958 with influence from jurists from the Council of State and political actors in the Assemblée nationale (France). European integration—through episodes such as the Maastricht Treaty and the Stability and Growth Pact—shaped constraints, while national reforms under finance ministers including Valéry Giscard d'Estaing, Jacques Chirac, and Bruno Le Maire altered budgetary procedures and transparency.
Preparation is coordinated by the Direction du Budget within the Ministry of Economy and Finance and involves ministers from portfolios like Education, Health, and Defense. The Prime Minister presents the draft to the Council of Ministers before transmission to the Assemblée nationale (France) and the Senate, engaging parliamentary committees such as the Finance Committee and the Law Commission. Constitutional review by the Constitutional Council can be sought by the President of the National Assembly, the President of the Senate, or 60 deputies or 60 senators, and the procedure is affected by sessions of the Economic, Social and Environmental Council and consultations with bodies like the Court of Audit.
A typical law comprises a general section on resources and expenditures, special accounts, and annexes such as the economic, social and financial report, program budgets aligned with the budgetary mission model, and articles dividing authority among ministries including Justice and Culture. It incorporates tax measures in the General Tax Code (income tax, corporate tax, VAT), authorizations for borrowing, and credits for public investment projects like those managed by Agence France Locale or regional bodies such as regional councils. The law often references programs under the recovery plan and specific appropriations for entities like Caisse des dépôts et consignations.
Execution is overseen by the DGFiP, and audited by the Court of Audit and control authorities including the IGF. Parliament exercises post-adoption oversight through reporting obligations, questions to ministers in the Assemblée nationale (France) and Senate, and follow-up of recommendations by bodies such as the HATVP. In crises, exceptional instruments like loi de finances rectificative are enacted; emergency measures have been used during events including the 2008 financial crisis, the European sovereign debt crisis, and the COVID-19 pandemic.
Analyses by institutions such as the Bank of France, the OECD, the IMF, and academic centers like ENA assess impacts on public debt, deficit trajectories, and macroeconomic variables. Evaluations consider compliance with Stability and Growth Pact targets, distributional effects measured by think tanks like Institut Montaigne and OFCE, and long-term sustainability reported to the European Commission and debated in the Assemblée nationale (France) and Senate.
Complementary instruments include loi de financement de la sécurité sociale covering Social Security, loi de finances rectificative for mid-year adjustments, multiannual loi de programmation laws, and sectoral statutes such as Labour Code amendments and the Construction Code when linked to housing credits. Internationally, it interacts with Eurostat reporting obligations, European Central Bank policies, and bilateral agreements with states like Germany and institutions including the World Bank.
Category:Public finance of France Category:French legislation