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France’s Hollande Casts Fate With Ex-Banker Macron
Keywords:
Macron is a close advisor to president Hollande since 2008. With the resignation of Montebourg as Economy Minister, Hollande offered the position to Emmanuel Macron to help improve conditions for business and increase investment in France. Macron pushed measures for changes through parliament by resorting to constitutional provisions because of opposition from the president;s own Socialist party members. Prime minister Valls was able to win the no-confidence vote that followed. In the 4th quarter of 2014 GDP growth in France was only 0.1%, lagging behind Germany at 0.7%. The economic stagnation has pushed Macron and the president to take more risks in overcoming resistance within the Socialist Party to relax labor restrictions and increase business investment. Macron says he agrees with investors that the 2 year tax of 75% on salaries of more than 1 million euros
The initiative by Economics ministers Sigmar Gabriel and Emmanuel Macron to seek advice of 2 economists at the Berlin Institute of Governance to restore eurozone growth
10/14/2014
The initiative of the German and French Economics ministers Sigmar Gabriel and Emmanuel Macron to call on lecturers Pisani-Ferry and Henrik Enderlein for advice, comes at a time when Germany's growth has declined to zero or negative in the second half of 2014. Both are critics of Merkel's policies. For the first time Merkel is listening to different opinions and advice even as the government says it is sticking to balanced budgets. Finance minister Schauble continues to say investment should be mostly private. ECB president Draghi has generated the discussion by saying at a Brookings Institution conference in Washington D.C. that governments with fiscal space (referring to Germany) should provide stimulus. He added that eurozone governments that do not listen to new advice about generating growth will be swept away by public opinion. German officials privately say they can understand the Hollande government's situation with favorability ratings of 18% at the lowest level of any postwar French government. The situation is now markedly different from before with Berlusconi's old politics gone in Italy, and Matteo Renzi having obtained the largest mandate of any eurozone leader in the recent EU parliamentary elections, receiving 40% of the vote. Renzi and French premier Manuel Valls are pushing for less austerity reflected in the 2015 French budget now being reviewed in Brussels.
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Siemens proposes an alternative to a GE acquisition of Alstom- to come up with a dual arrangement of a German energy company and a French transportation company. Hollande meets with CEO's of GE and Siemens in April 2014. Montebourg rejects the idea of Alstom being run from Connecticut in the U.S.
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France's Economy Minister Emmanuel Macron 2014-
03/09/2015
The shift from Economy Minister Montebourg to Emmanuel Macron in August 2014 marks a significant shift in economic policy of the Hollande administration, to improve conditions for business and lower taxes. France has lagged behind Germany in attracting foreign investment and in the profitability of business enterprises. The 75% tax on individuals making more than 1.1 million euros is seen as sending the wrong signal for new business investment. Macron faces intense opposition from the Socialist party in parliament, yet he has the full support of president Hollande.
Grouped Articles
France’s Hollande Casts Fate With Ex-Banker Macron
Wall Street Journal 03/09/2015
Leaders of France’s Socialist Party Defy Its Orthodoxy
New York Times 10/16/2015
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Opinion | France’s future depends on one question — and one man
Washington Post 03/04/2017
An unprecedented election, with unprecedented risks
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