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ANDREW NEIL: Macron's France is in a perfect storm

Michel Barnier, the Prime Minister of France, is expected to lose a motion of no confidence in the French National Assembly, marking the end of his three-month premiership. France has been facing a political, economic, and financial crisis, with stagnant growth, rising unemployment, and a shrinking industrial base. The country's stock market is struggling, and foreign investors are avoiding France. Government spending accounts for 57% of GDP, and the national debt is over 110% of GDP. France's borrowing costs have increased, and the flight of capital from the country is expected to continue. Reform in France is difficult due to the hard Right and hard Left's shared support for early retirement, costly welfare, and state control. The situation is unsustainable, and the cost of servicing debts is predicted to rise. The future is uncertain, but it is unlikely to be positive. Macron's credibility is low, and the French people want him to resign. Fresh presidential elections could be triggered if he resigns, and Marine Le Pen is seen as the most likely successor. France is in a febrile mood, and economic stagnation and rising unemployment will only exacerbate the situation. Macron's decision to call parliamentary elections in the summer has resulted in a political stalemate and instability reminiscent of the Fourth Republic. France's crisis will likely worsen under a president who promised change but delivered decline and despair.

Original article source: https://www.dailymail.co.uk/debate/article-14154093/Michel-Barnier-france-macron-andrew-neil.html
Source Id: 8441196170

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