The election in France on Sunday was important because it could have been the beginning of the end of the European Union and the Euro. But Emmanuel Macron won and the EU and the Euro survived. At least for now.
Marine Le Pen didn`t want to stay in the European Union and promised to renegotiate European treaties in a way that would have effectively ended the single currency, the common market, and the Schengen border-fee zone.
Keep in mind that 10,6 million people in France voted for the right-wing party National Front and Marine Le Pen (Macron: 20,7 million). That is the best result ever for Le Pens party. People on that side doesnt like EU, but that doesn`t mean Macron will push for changes.
Macron said he wants more joint EU investment projects and less rigid budget-austerity rules imposed by Germany. This is also something that Theresa May will pay close attention to. The UK doesn`t want France to have a better deal than them.
Emmanuel Macron and his campaign has promised to invest $55 billion in new technologies and energy. He wants to cut primary school class sizes and expand job training, merge France`s disparate pension systems, using tax breaks to encourage jobs in poor neighborhoods.
Housing tax is not so popular in France, so Macron also wants to eliminate that too. In addition, he wants to cut payroll taxes, imposing a flat 30 percent tax on capital and refocusing France`s wealth tax solely on the property.
But where is he gonna take the money from? Macron said he will cut €60 billion through more efficient government. On top of that Macron want to pursue greater integration and tax harmonization along with stronger anti-dumping measures in EU trade pacts, which means he will start to negotiate with the European Union.
This is some of the things Macron want to do as a President of France, but is he able to do all this? Not alone of course. It depends on the election in June, and En Marche! was created only a few months ago and has no parliamentary history. That`s interesting.
Emmanuel Macron needs a majority in the National Assembly if he wants to be able to govern. That being said; in every instance since 1981, the party that wins the presidency has gone on to win a parliamentary majority. The drawback for Macron can be his weak history in politics.
He can collaborate with the Socialists or the center-right Republicans, but it can also end up to be very messy, but lets not hope so. Its the last thing France need now.
The populists in France are angry and afraid. They are afraid for immigration and jobs. Low wages and unemployment. De-industrialization and terrorism. If Macron fail, Le Pen`s party can grow and be much bigger.
Emmanuel Macron said the success of his economic agenda will be “essential to prevent the National Front from becoming stronger in five years time”.
He is a former investment banker. Educated at elite schools and became a Socialist economy minister, and he has managed to become the voice of «radical centrism».
Macron is the youngest President in French history, and the 39-year old Emmanuel Macron will be inaugurated on Sunday 14 May 2017.
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