: :inin Kyiv (EET)

Election in France: A political earthquake with consequences for economic policy

Re-elected French President Emmanuel Macron has lost his absolute majority in parliament. In the final stages of the parliamentary election campaign, economic policy had come into focus as Macron came under pressure due to the populist proposals of the left from the EU-sceptic Jean-Luc Mélenchon. The left-wing alliance is now clearly the strongest opposition camp, while Marine Le Pen’s party, “Rassemblement National”, increased its number of seats more than tenfold. This means that in the next five years, Macron will not only have to articulate his economic policy goals more clearly and campaign for greater understanding and acceptance among the population, but also build on the support of other political forces in parliament. This applies in particular to the planned pension reform, in which Macron wants to raise the retirement age from the current 62 in order to ease the pressure on public finances. For although the economic situation at the start of his second term in office has been better than expected, there is considerable social discontent, which was also reflected in the low voter turnout.
Good macroeconomic record
The Covid pandemic was the biggest …read more

Source:: German Institute for International and Security Affairs


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