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President Macron is down but not out
Everybody thinks President Emmanuel Macron is on political life support, but Eurasia Group's Mujtaba Rahman has spent a week in Paris and he thinks Macron has a way out.
I'm standing in front of La Rotonde, which is the restaurant where Emmanuel Macron celebrated his win in 2017. That seems like a really long time ago given the absolute political and fiscal chaos that's engulfed France and Macron's presidency over the course of the last one-plus years. Tomorrow, Emmanuel Macron is going to appoint his fourth prime minister in a year and a bit. And even though we don't know who the identity of that prime minister is, here's why I think it might stick.
Macron came very close to pulling an early election this week. In that focused mind, Macron doesn't want an early election, and really no MPs in Parliament wants an early election, except the far right, because they are France's most popular party and they would win that early election. In combination with the fact Macron is now willing to potentially reverse an increase in the retirement age, there may be enough there for restless MPs to do a deal and put this crisis to bed.
Now, the crisis doesn't just matter for France, it also matters for Europe. France is the Euro area's second-largest economy, it's a G7 country, a nuclear power, and across all the major foreign policy issues of our time, the French have been a leading player. It's about the global role he's playing in the world at a time when the US is withdrawing and there are existential and important questions hanging over the future of Gaza, the future of Ukraine where he has been a leading voice. The outcome of this crisis matters way beyond France's borders. It's also going to have really important implications for the rest of the world.
Populism and partition? Europe's bleak forecast for the year ahead
GZERO’s Tony Maciulis joins Mujtaba Rahman, Eurasia Group's Managing Director for Europe, on the sidelines of the Munich Security Conference to discuss the pressing political and economic situation in Europe. Rahman looks ahead to the EU Parliament's upcoming elections, highlighting concerns over populist party performance. “[Populists] will certainly be better represented” Rahman tells Maciulis, “but that being said, the impacts on policy will be marginal at best.”
Rahman also delves into Europe’s economic challenges, citing bleak growth forecasts and Germany's fiscal constraints. “The overall picture is an economy really in the doldrums, not performing…basically flat." Discussing Ukraine, Rahman underscores the risk of partition and stresses the importance of Western integration for Ukraine's ultimate failure or success against Russia. Rahman also raises concerns over the potential impact of a Trump presidency on transatlantic relations. “Is Trump signaling an invitation to Russia and others to probe and to test? That's really where the concern lies."