Fall of the centre: on the public discontent in France

When Emmanuel Macron came to power in 2017, at age 39, he promised to keep extremist political forces at bay, build a new France through his ‘revolution’, rejuvenate economic growth, manage debt and create employment opportunities. Nine years later, with six months to go for France’s next presidential election, Mr. Macron, whose approval rating is at an abysmally low 15%, and Prime Minister Sébastien Lecornu, who lacks a parliamentary majority, are struggling to restore order in a country battered by economic woes, street protests, violent riots and a surging far right. Even in France, where protests are part of the political culture, Saturday’s riots and looting were a shock with at least 3,000 businesses and shops damaged. Municipal halls were attacked and buildings set on fire, including the 19th century Limoges town hall. Some 2,400 people were arrested and Prime Minister Lecornu called for local curfews. The trigger for the unrest was a move by Mr. Lecornu to pass budget proposals raising some taxes and freezing spending on social programmes. When school students hit the streets with demands for better educational facilities, the government responded with force and tear gas. But its heavy-handed response helped the student protest snowball into an anti-government movement, culminating in riots.

To understand the precarious situation France is in today, all one has to do is to look at the macroeconomic numbers. Growth remains sluggish with the economy estimated to expand by a mere 0.8% in 2026, while the unemployment rate stands at 8.3%. The core problem is the country’s public finances. France’s national debt stands at 120% of GDP, the third highest in the eurozone, after Greece and Italy. The French Treasury’s debt servicing bill is expected to reach about €60 billion in 2026. When Mr. Macron came to power, he reduced corporate taxes and sought to restrain public spending to stimulate growth. But growth remained sluggish while public debt ballooned. When protests gripped the country in 2018-19, he offered economic concessions, but with no long-term solutions to the structural problems the French economy was facing. In 2024, he called snap elections to blunt the far-right momentum. After the elections, he invited a leader from smaller blocs to form a government to keep the left-wing New Popular Front, the largest bloc, out of power, deepening the political crisis and weakening his position. This is Emmanuel Macron’s legacy. Worse, Marine Le Pen, leader of the far-right, anti-immigrant National Rally, could exploit the chaos and public anger to her benefit ahead of the 2027 presidential election.