Bank of France Governor Emmanuel Moulin said that investors may be overreacting to the fiscal challenges facing France, and it is very likely that the budget will be passed in Parliament. Moulin said that the government can use section 49.3 of the Constitution to forcibly pass the budget in the face of a vote of no confidence; or after 70 days of debate, the executive branch can pass a decree called Ordonnance to bring into effect the draft initially submitted to Parliament. “We are likely to have a budget, and the market's reaction to the French political situation may be excessive,” Moulin said at the World In Progress Forum in Barcelona on Monday.

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