Consider how Hollande’s victory was hailed in 2012 by the media: a man of change,1)François Hollande:“Change everywhere and now!”, Le Point 2012-03-01,destiny,2)Hollande vows to change destiny of France, France24 2012-01-23. a new start,3)French President François Hollande promises a new start for Europe, The Guardian 2012-05-06.for Europe and the return of growth.4)After meeting with Merkel, Hollande pusher for growth, CNN 2012-05-16.
The reality turned out not to be even remotely close to the promises: stagnating economy, no wages growth, rising unemployment and debt, both public and private.
Emmanuel Macron was the co-protagonist of the economic decline of France as Minister of the Economy under Hollande, yet 65% of the French voters opted to give the former a second run, endowing him as President with more powers, blaming entirely the latter, who ended the presidency with an abysmal approval rate of 4%,5)Mon Dieu, Hollande’s approval rating is at 4%. Foreign Policy 2016-11-02.
Just like Hollande’s promise to reform the European Union was the “eurobond”,6)Hollande pusher case for eurobonds, The Guardian 2012-05-22.Macron’s goal is the “fiscal union”.7)French economy minister calls for fiscal union in eurozone, The Telegraph 2015-08-31.Since Hollande was met with a deadly “nein” from Merkel and the Bundesbank, we see no reason why Macron could be more successful: while France is the second biggest economy of the Eurozone and thus its size and importance could provide sufficient leverage in negotiations, Hollande’s unwillingness to threaten to leave the negotiation table proved to be his downfall. Similarly, Macron can only be successful in his reform bid when he is ready to announce to dump the failing EU project if he can’t have it his way. As it is, his “Europe first” approach leaves no room for that, ensuring a failure equal to that of his predecessor.
The “fiscal union’’ is Macron’s only major noteworthy item on an otherwise incredibly vague political and
economic program. Hollande’s presidency was plagued with regular attacks by Islamist terrorists, yet Macron did not touch the topic during his political campaign, with the exception of the brush-off “there’s no such thing as French culture’’.8)Emmanuel Macron assume : “Il n’y a pas UNE culture française !”, Profession Spectacle 2017-02-25.
References [ + ]
|1.||↑||François Hollande:“Change everywhere and now!”, Le Point 2012-03-01,|
|2.||↑||Hollande vows to change destiny of France, France24 2012-01-23.|
|3.||↑||French President François Hollande promises a new start for Europe, The Guardian 2012-05-06.|
|4.||↑||After meeting with Merkel, Hollande pusher for growth, CNN 2012-05-16.|
|5.||↑||Mon Dieu, Hollande’s approval rating is at 4%. Foreign Policy 2016-11-02.|
|6.||↑||Hollande pusher case for eurobonds, The Guardian 2012-05-22.|
|7.||↑||French economy minister calls for fiscal union in eurozone, The Telegraph 2015-08-31.|
|8.||↑||Emmanuel Macron assume : “Il n’y a pas UNE culture française !”, Profession Spectacle 2017-02-25.|