The Fiscal Policy of Germany and France. From the Creation of the Euro up to the Pandemic

The aim of this article is to demonstrate the development general government debt and balance in two Eurozone countries, Germany France, order investigate extent fulfilment convergence criteria. divided into periods: from creation Euro currency period before global financial crisis, after it time pandemic. France notoriously violated rules Stability Growth Pact. beginning crisis saw a sharp rise deficit debt-to-GDP ratio over 80% both countries followed by fiscal consolidation period. As result, managed reduce its 60% GDP, while indicator achieved level close 100% 2019. methodology based on an analytical approach literature review subject (see Escolano, 2010). Following methodology, sustainability analysis public was carried out. According author, should have out necessary structural reforms. Otherwise, if interest rates ECB continue rise, may face critical situation.