Daily Reports
France Faces Political Turmoil as Far-Right Gains Ground
The recent French legislative elections have sent shockwaves through the political landscape, with significant gains for the far-right National Rally Party led by Marine Le Pen. The elections, described by international newspapers as an 'earthquake' and a 'sharp fall,' have left President Emmanuel Macron in a precarious position. Le Figaro's editorial labeled the elections as a 'French tragedy,' highlighting the dual perspective of political adventurism and institutional blockage that now looms over France.
Macron's Miscalculations and the Rise of Extremism
French President Emmanuel Macron, who once enjoyed a relative majority and a strong electoral base, now finds himself in a weakened state. His attempt to unify the central bloc and isolate the National Rally Party has backfired, leading to a surge in extremism. The Left Front's significant gains have added to the political instability. Macron's controversial pension reform, which raised the retirement age from 62 to 64 without National Assembly approval, has fueled public discontent and mass protests. Both the far-right and the left-wing alliances are capitalizing on this discontent, each proposing to reverse the pension reforms.
Implications for France and Europe
The National Rally Party's potential victory in the upcoming elections could lead to significant policy reversals, including the pension reform. The party also aims to introduce a 'progressive pension system' and withdraw from the European energy market. On the other hand, the left-wing alliance, 'Nouveau Front populaire,' proposes lowering the retirement age to 60 and increasing pensions, financed by additional levies on high incomes. These plans have raised concerns about inflating the national budget and straining France's economic relations with the EU and Germany. The political instability has left France's European neighbors apprehensive, fearing the repercussions of the far-right's rise to power.
- The Swiss newspaper Le Tan expressed concern over the political chaos in France, contrasting it with Switzerland's stable political system. The editorial emphasized the importance of power-sharing and compromise to maintain moderation in ideas.
- The Italian newspaper Corriere della Sera noted the collapse of the 'anti-Le Pen cordon sanitaire,' which had kept the National Rally out of power for decades. The New York Times highlighted the 'dangerous setback' for Macron, predicting a period of deep uncertainty and political instability.
- Economists and financial experts have warned that the far-right and left-wing pension plans could inflate the national budget and drive up interest rates on French government bonds. This financial strain could further burden the already strained French national budget and potentially trigger a crisis in the banking sector.
