“Thousands of angry left-wing protesters” took to the streets in France on Saturday in the “opening salvo” of what “could be weeks or months of demonstrations”, says The Observer. The protesters accused President Emmanuel Macron of a “denial of democracy” when he appointed the former EU Brexit negotiator Michel Barnier as prime minister, despite the fact that the left won the most seats in the recent elections and Barnier’s party won fewer than 50 MPs.
The decision followed a two-month search for a PM, during which Macron ruled out the left’s preferred candidate (civil servant Lucie Castets) on the grounds that “she would be unable to muster enough cross-party support to form a stable government”.
Macron has pulled "a blinder"
The “absolute rage” being voiced by the French left suggests that Macron has “pulled a real blinder”, says The Telegraph. Barnier may be a “bit boring”, but unlike the alternatives, he won’t be immediately thrown out by a vote of no-confidence in France’s “new, unworkable parliament, with its three blocs of irreconcilable MPs”. Not having been seen on the “frankly unedifying” national political scene in recent years “is also an asset”, as is the fact that he ran for president two years ago on a “strong anti-unchecked immigration platform”. The selection of Barnier means that Macron has chosen “stability” over “revolutionary posturing”.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
While the far left is raging at what it sees as an “unacceptable coup de force”, the far right’s Marine Le Pen “has perhaps never been more powerful”, says Gavin Mortimer in The Spectator. She reportedly vetoed Macron’s two original choices, former Socialist PM Bernard Cazeneuve and centrist Xavier Bertrand, instead insisting on someone “respectful of the different political forces” and capable of talking to Le Pen’s party, the National Rally. The fact that Barnier’s centrist government needs the support of her 143 MPs to survive the inevitable challenge from the left “will give her bargaining power in parliament”.
What's next for France?
The left could have prevented this state of affairs if it had been willing to compromise by joining Macron’s own bloc in a “broadly centrist coalition”, says Lee Hockstader in The Washington Post.
It’s hard to dispute there is something “Faustian” about Macron’s pact, especially as Le Pen has said that she will hold the government hostage to her party’s “hard-line agenda”, especially on immigration. Le Pen’s status as a “kingmaker” also gives her “respectability”, as well as putting a “yawning breach” in the “firewall” that mainstream parties had built to keep her out of power.
Barnier’s selection “closes one tense and heated chapter” but “opens another, which could be even more testing”, especially given the “pressing need for France to get its public finances in order”, says The Economist. The new PM “will have his work cut out” as he tries to appoint ministers, make the necessary budget cuts, appease the left and keep the hard right quiet, as well as calm the streets. He will also have to do all of this while dealing with Macron’s “irrepressible tendency to interfere in all decision-making”.
This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.
-
Inheritance tax pension reforms will delay payments to grieving families and the taxmanThe government is pressing ahead with plans to charge inheritance tax on pensions but there are warnings that it will be harder for executors to administer an estate and pay HMRC
-
More than a million pensioners set to be hit by tax on savings accountsA combination of higher interest rates and frozen tax thresholds is dragging more people into paying tax on their cash savings
-
Are venture-capital trusts worth investing in?Venture-capital trusts are a tax-efficient way to invest in early-stage companies. But are they worth the risk?
-
'It’s time to close the British steel industry'Opinion The price tag on British steel is just too high. It's time for Labour to make a grown-up decision and close down the industry, says Matthew Lynn
-
Last orders: can UK pubs be saved?Pubs in Britain are closing at the rate of one a day, continuing and accelerating a long-term downward trend. Why? And can anything be done to save them?
-
David Ellison: America's new media mogulDavid Ellison is building a mighty new force in old and new media. Critics worry that he will prove to be a Trumpian patsy. Is that fair?
-
How Next defied the odds and positioned itself as a British high-street stapleNext rose from a near-death experience and now thrives as a high-street staple. What's driving its success – and should you invest in the retailer?
-
Why investors should avoid market monomaniaOpinion Today’s overwhelming focus on US markets leaves investors guessing about opportunities and risks elsewhere
-
Can Rachel Reeves save the City?Opinion Chancellor Rachel Reeves is mulling a tax cut, which would be welcome – but it’s nowhere near enough, says Matthew Lynn
-
Global investors have overlooked the top innovators in emerging marketsOpinion Carlos Hardenberg, portfolio manager, Mobius Investment Trust, highlights three emerging market stocks where he’d put his money
