France is ‘putting the house in order’ and can slash deficit to 3% in three years, central bank governor tells CNBC

France is "putting the house in order" and is capable of slashing its burdensome budget deficit, despite the political turmoil facing the country, the head of the country's central bank insists. The country is currently subject to the EU's excessive deficit procedure , with the bloc recommending Paris bring its national deficit closer to 3% of GDP, compared to 5.1% as of last year. Market concerns about political instability hampering efforts to bring the deficit under control have weighed on French bond markets this year, exacerbating pressures felt globally from the U.S.-Iran war and consequential inflation fears.