As the government unveils its 2027 budget proposal in the Council of Ministers, Edouard Philippe, the mayor of Le Havre, raised concerns about "two things which are serious." He pointed out the risks of economic tightening, increasing public debt, rising interest rates, and the limited flexibility the government has in managing its finances. Philippe also warned that an external shock, such as a global economic downturn or political instability, could threaten the stability of the financial system and potentially lead to a crisis. When questioned about the budget, which includes a total effort of 54 billion euros, Philippe criticized the government for proposing only "small cuts" to public spending. He noted the challenge of justifying and implementing these measures, arguing that without addressing deeper economic issues, the country would continue to face "small painful things." Philippe defended his recent pension reform, suggesting that extending the working period could generate more wealth than relying solely on self-restraint or higher taxes. Philippe also proposed holding a referendum "before the end of the year" on introducing a "golden rule" into the Constitution. This rule would limit the government's ability to run budget deficits, aiming to ensure fiscal responsibility. Bruno Retailleau, a candidate from the LR (Les Républicains) party, echoed this call on BFMTV-RMC, urging a referendum on the golden rule. He referenced a constitutional revision project from 2011, which had been approved by both the National Assembly and the Senate but never enacted. Retailleau argued that a referendum could serve as a safeguard against a potential financial crisis, especially in the absence of a majority in the National Assembly. He emphasized that such a measure could provide a democratic mandate for fiscal discipline, ensuring that the government adheres to strict budgetary limits even without a legislative majority.