Daily Reports
Emmanuel Macron Criticizes Opponent’s Economic Programs at G7
Emmanuel Macron, President of the Republic, has launched his campaign for the upcoming legislative elections scheduled on June 30 and July 7. During a press conference in Bari, Italy, on the sidelines of the G7 summit, Macron voiced strong criticisms against the economic programs proposed by the far-left New Popular Front (Nupes) and the far-right National Rally (RN). He described these proposals as financially irresponsible and potentially hazardous for the country.
Macron emphasized that the plans of these extreme blocs would lead to severe fiscal instability, as they promise extensive benefits without proper funding. He remarked, 'These programs pose a very great danger, not only to the French economy but also to our compatriots, taxpayers, and savers.' According to him, the proposed projects could cost the French economy between 100 and 400 billion euros annually. Macron pointed out that recent market turbulence gives a 'foretaste of what the advent of such unrealistic economic programs would actually be like.'
Criticism Against Opponents' Readiness to Govern
Additionally, Macron argued that both Nupes and RN are 'not ready to govern,' citing internal inconsistencies and impractical proposals. The New Popular Front's program promises to increase the minimum wage, control essential goods' prices, reintroduce the wealth tax (ISF), and lower the retirement age to 60. However, Macron criticized these initiatives for lacking political honesty and feasibility. He described the political discourse among the left as 'a spectacle of great incoherence,' stating, 'everyone thinks the opposite of the other.'
Addressing geopolitical issues such as the conflict in Ukraine and tensions between Israel and Hamas in Gaza, Macron mocked the internal divisions within the left-wing faction. He declared, 'We are among the crazy. It’s not serious.' He refused to disclose his instructions for a potential second-round face-off between Nupes and RN, emphasizing that 'it is a debate on the programs today in the country.'
Economic Programs' Impact on Financial Markets
Macron’s critique resonates amid a week of significant financial market turbulence in France, marking the worst performance for the Paris Stock Exchange since March 2022. He linked this volatility directly to the uncertainty surrounding the legislative elections and the proposed economic programs of his adversaries. Macron concluded that these alarming market reactions provide a stark preview of the chaos that could ensue if these ‘unfunded’ and ‘irresponsible’ programs were implemented.
- Macron's criticisms of the extreme blocs' economic proposals come at a critical time as France prepares for early legislative elections. His statements underscore the potential fiscal risks and market instabilities that could arise from the adoption of these proposals.
- The President's comments also highlight the broader political landscape in France, characterized by deep divides between centrist policies and more radical economic visions. By positioning himself as a defender of economic stability and responsibility, Macron aims to consolidate his support among voters concerned about financial prudence.
