Nobel Prize-winning economist Philippe Aghion has issued a stark warning about the potential consequences of failing to agree on a credible 2027 budget in France. He described the current economic situation as stagnant, with flat growth, rising unemployment, and increasing costs for borrowing money. Investments are also being held back by both international tensions and domestic uncertainties. Aghion stressed that creating a "credible budget" for 2027 is crucial, and he warned that any politicians who prevent this from happening could be seen as responsible for a major economic disaster. Aghion specifically criticized proposals from two prominent French political figures, Marine Le Pen and Jean-Luc Mélenchon. He pointed out that Le Pen's plan to keep or even lower the retirement age to 60 is contradictory, given her support for a constitutional rule that limits government spending. Aghion said such policies would risk pushing France toward financial collapse. Regarding Mélenchon’s idea of canceling 20% of France’s debt owed to the European Central Bank, Aghion acknowledged it might be technically possible, but warned that it could scare away investors who buy French government debt, potentially leading to a financial crisis and even threatening the stability of the eurozone. Aghion drew a comparison between the idea of debt cancellation and the controversial promotion of hydroxychloroquine by French doctor Didier Raoult during the early stages of the COVID-19 pandemic. He said that spreading misinformation about such critical economic issues is similar to the false claims made during the pandemic. While Aghion denied that France is currently facing a debt crisis, he warned that if debt grows faster than the country’s economic output, it could trigger a "snowball effect," causing institutional investors to leave the country. This, he said, could paralyze the French economy. Aghion suggested that reducing the highest pension benefits could be a quick and effective way to cut public spending. However, he noted that in the long term, France might still need to adjust the retirement age, as long as some flexibility is allowed rather than enforcing a strict mandatory age. He observed that most political candidates are taking a reasonable approach to these issues, though he pointed out that Le Pen appears to be pretending to be reasonable.