Berliner Boersenzeitung - What next for Macron after election humbling?

EUR -
AED 4.102105
AFN 75.943776
ALL 98.559302
AMD 432.564919
ANG 2.012493
AOA 1053.718626
ARS 1078.246379
AUD 1.615995
AWG 2.013058
AZN 1.903018
BAM 1.956263
BBD 2.254705
BDT 133.431563
BGN 1.95567
BHD 0.420474
BIF 3227.592984
BMD 1.116814
BND 1.432422
BOB 7.716309
BRL 6.068661
BSD 1.116649
BTN 93.443216
BWP 14.597564
BYN 3.654164
BYR 21889.557957
BZD 2.250874
CAD 1.510324
CDF 3199.673034
CHF 0.93949
CLF 0.036393
CLP 1004.183913
CNY 7.830771
CNH 7.796932
COP 4662.174305
CRC 579.581211
CUC 1.116814
CUP 29.595576
CVE 110.844247
CZK 25.143401
DJF 198.480656
DKK 7.45943
DOP 67.511856
DZD 147.632829
EGP 53.951777
ERN 16.752213
ETB 133.128577
FJD 2.438568
FKP 0.85052
GBP 0.835251
GEL 3.038171
GGP 0.85052
GHS 17.612595
GIP 0.85052
GMD 76.506072
GNF 9640.902719
GTQ 8.637546
GYD 233.589897
HKD 8.680271
HNL 27.775602
HRK 7.593232
HTG 147.162717
HUF 397.072547
IDR 16891.646973
ILS 4.130236
IMP 0.85052
INR 93.498064
IQD 1463.026578
IRR 47023.461504
ISK 150.960204
JEP 0.85052
JMD 175.431498
JOD 0.791491
JPY 158.761881
KES 144.069421
KGS 94.039997
KHR 4539.850039
KMF 493.213107
KPW 1005.13213
KRW 1463.356082
KWD 0.34064
KYD 0.930595
KZT 535.615475
LAK 24662.053383
LBP 100066.551049
LKR 333.41887
LRD 216.410712
LSL 19.192495
LTL 3.297662
LVL 0.67555
LYD 5.294124
MAD 10.82556
MDL 19.447167
MGA 5082.621727
MKD 61.575479
MMK 3627.368897
MNT 3794.934539
MOP 8.941976
MRU 44.354319
MUR 51.318034
MVR 17.154688
MWK 1938.789804
MXN 22.01096
MYR 4.606902
MZN 71.336549
NAD 19.192495
NGN 1863.393714
NIO 41.102919
NOK 11.731184
NPR 149.506067
NZD 1.761259
OMR 0.429471
PAB 1.116634
PEN 4.187052
PGK 4.437666
PHP 62.551688
PKR 310.143432
PLN 4.278011
PYG 8716.061777
QAR 4.066042
RON 4.979097
RSD 117.161668
RUB 105.231058
RWF 1487.59649
SAR 4.189354
SBD 9.261119
SCR 14.79953
SDG 671.767835
SEK 11.26907
SGD 1.429415
SHP 0.85052
SLE 25.516192
SLL 23419.029236
SOS 637.701275
SRD 34.286758
STD 23115.798718
SVC 9.770311
SYP 2806.029064
SZL 19.192494
THB 36.151687
TJS 11.881355
TMT 3.90885
TND 3.394561
TOP 2.615695
TRY 38.121675
TTD 7.585372
TWD 35.28057
TZS 3048.90309
UAH 45.967974
UGX 4125.289807
USD 1.116814
UYU 46.821075
UZS 14225.424679
VEF 4045718.043587
VES 41.120607
VND 27484.797006
VUV 132.590423
WST 3.124246
XAF 656.162155
XAG 0.035308
XAU 0.000421
XCD 3.018247
XDR 0.826043
XOF 657.249161
XPF 119.331742
YER 279.566552
ZAR 19.115571
ZMK 10052.671816
ZMW 29.530836
ZWL 359.613711
  • RBGPF

    64.7500

    64.75

    +100%

  • BCC

    1.1800

    141.49

    +0.83%

  • SCS

    0.0400

    13.25

    +0.3%

  • GSK

    -0.1900

    40.71

    -0.47%

  • RIO

    0.4800

    71.23

    +0.67%

  • BCE

    0.3600

    35.19

    +1.02%

  • CMSD

    -0.0300

    25.08

    -0.12%

  • NGG

    -0.3300

    69.73

    -0.47%

  • RELX

    -0.5300

    47.56

    -1.11%

  • JRI

    0.1200

    13.58

    +0.88%

  • CMSC

    0.0300

    25.14

    +0.12%

  • VOD

    0.0500

    10.09

    +0.5%

  • AZN

    -0.5600

    77.62

    -0.72%

  • RYCEF

    0.0100

    7.05

    +0.14%

  • BP

    0.6300

    31.42

    +2.01%

  • BTI

    -0.2369

    36.84

    -0.64%

What next for Macron after election humbling?
What next for Macron after election humbling? / Photo: Ludovic MARIN - AFP

What next for Macron after election humbling?

Just two months after being re-elected for a second term, French President Emmanuel Macron saw his hopes of pushing through his domestic agenda take a humbling blow on Sunday. What comes next?

Text size:

His allies, known together as "Ensemble" (Together), looked on track to finish as the biggest party in parliament with 210-260 MPs, but far short of the 289 needed for a majority.

This scenario is extremely rare under modern France's presidential regime, even before a constitutional change in 2002 which was intended to make it easier for the head of state to secure a parliamentary majority.

The election will not affect French foreign policy in theory, which is the exclusive domain of the president, but Macron's domestic worries are likely to be a constant distraction and could undermine him abroad.

Here are the possible scenarios:

- Form an alliance -

Work on this will begin on Monday morning, Prime Minister Elisabeth Borne vowed in a short speech on Sunday night.

In the middle of the biggest cost-of-living crisis in a generation, the ruling party was in a rush to pass an emergency bill to help low-income families before the summer holidays in August.

That along with other key parts of Macron's manifesto -- such as welfare reform or raising the retirement age -- will require the support of allies in the National Assembly.

"Together" is seen as most likely to reach out to France's traditional rightwing party, the Republicans (LR) and its centre-right ally UDI, which are on course for 55-77 seats, projections showed.

"We are going to form a majority very quickly," said Olivier Veran, minister in charge of parliamentary relations, sounding an optimistic note.

Economy Minister Bruno Le Maire said that the ruling party would need "a lot of imagination" and he called on parties which shared Macron's "clear ideas" to support him.

Although some inside LR are known to be in favour of working with Macron, including former president Nicolas Sarkozy, party head Christian Jacob ruled it out on Sunday.

"As far as we are concerned, we campaigned as an opposition party, we are in the opposition and we will stay in opposition," he said.

But is this a negotiating tactic, perhaps to attract offers of ministerial posts and other concessions?

If an alliance were formed, Macron would have to shift rightwards, but might be able to push through his cherished tax cuts, welfare and pension reform.

- Bill-by-bill negotiations -

In the absence of a formal alliance, the minority government will need to rely on support from opposition parties for each piece of legislation.

This will require long negotiations before each bill is brought to a vote -- and leaves the government vulnerable to last-minute withdrawals that could lead to defeat.

Again, the Republicans will be key, given that support from the hard-left NUPES alliance or the far-right National Rally will be ruled out.

"You can govern with a minority so long as the opposition parties do not join forces against you," Dominique Rousseau, a constitutional law expert at the Paris Pantheon-Sorbonne University, told AFP.

Socialist Prime Minister Michel Rocard headed a minority left-wing government from 1988-1991 after gains by the right in parliamentary elections in 1988.

"It was hell," his cabinet director Jean-Paul Huchon was quoted as saying in Le Point magazine recently.

Borne is expected to go before the new parliament in the coming weeks to give her first speech and will face a highly uncertain confidence vote which could bring her down.

Even if the low-key career civil servant passes that test, she will be constantly vulnerable to a censureship motion that will bring down the government.

To pass legislation, the French constitution does give Macron a tool to force through bills, article 49.3 of the constitution.

This enables the prime minister to ram legislation through without any parliamentary debate, but it can also be overturned if a majority opposes it within 24 hours of its use, and can only be used once every parliamentary session.

"Ungovernable" said the headline of a column in Les Echos newspaper.

- New elections -

As a final resort, if the parliament remains deadlocked and no stable government can be formed, Macron has one other option: dissolving the assembly and calling new elections.

But the outcome of this would be highly uncertain, with anger growing about inflation and support increasing for anti-establishment parties such as Melenchon's France Unbowed and Le Pen's National Rally.

Much would depend on whom voters blamed for the deadlock.

(G.Gruner--BBZ)