Well, well, well. Looks like there’s some drama in the French political arena. A group of students marched through the streets of Paris with a sign that read “Macron guillotine? Yes maybe.” That’s a bold statement! Apparently, this is the twelfth time in three months that thousands of employees and students have taken to the streets to protest against the pension reforms that President Emmanuel Macron has been advocating. Talk about being persistent!
The leader of the leftist La France Insoumise party, Jean-Luc Melenchon, was not pleased with the Constitutional Council’s decision. According to a Reuters translation, he said, “The Constitutional Council decision shows that it is more attentive to the needs of the presidential monarchy than to those of the sovereign people. The fight continues and must gather its forces.” Wow, he’s really not mincing his words, is he? And Marine Le Pen, another politician who doesn’t support the reforms, said, “The people always have the last word, it is the people’s right to prepare for the change in power that will be the result of this unnecessary and unjust reform.” Looks like some real resentment brewing here.
Now, hold onto your hats, folks, because analysts are predicting that this pensions debacle may give a boost to Le Pen’s National Rally party. Ahead of the decision, Macron expressed his eagerness to meet with unions, who were livid all day. The trade unions allegedly said in a joint statement reported by Agence France-Presse, “Given the massive [public] rejection of this reform, the unions request him solemnly to not promulgate this law, the only way to calm the anger which is being expressed in the country.” Macron and French Finance Minister Bruno Le Maire argue that the pension reforms are fiscally necessary to secure the costly pension system into the future. However, opponents of the reforms argue that the changes will have a disproportionate impact on lower-paid workers and women. Meanwhile, companies are laughing all the way to the bank.
In a recent interview with some French TV stations, Macron made it clear that the reforms are necessary, but he did acknowledge that people are feeling pretty darned hard done by. He’s promised to look into making businesses contribute more. Good luck with that, Macron!
Despite his plans, it’s been a rocky road for Macron. His popularity has plummeted, and ev en the start of this year has seen multiple strikes and protests all across France, some of which have ended in violent clashes with police. Talk about drama! Minister Borne was forced to use a special constitutional measure to pass the changes, as there were just too many opposing politicians. The process involved triggering Article 49.3 of the French Constitution to amend the social security budget, and the government barely survived a no-confidence vote. The appeal to the Constitutional Council was based on three points concerning the information that was provided to lawmakers, the suitability of the procedure and whether the bill fills the budgetary scope. Le Monde reported that an outright rejection was unlikely, but the council was expected to remove more minor provisions.
On that note, Renaud Foucart, senior lecturer in economics at Lancaster University, told CNBC that a partial approval was likely the best outcome for Macron. “He can then sit down with unions and say we can negotiate some sort of new additions or reforms with a more social focus,” Foucart said. Sounds like a plan, Foucart! Unfortunately, the demonstrations are likely to continue, and Foucart revealed, “tonight, Paris will burn.” Yikes! But the decision today may provide a chance for Macron to try to change the subject. Fingers crossed for him!
Serious News: cnbc
