France: Emmanuel Macron takes the presidential race to a new level - ING

According to the Julien Manceaux, Senior Economist at ING, in France, Emmanuel Macron struck a Presidential posture, in contrast with his more right-wing opponent François Fillon, who appeared on the defensive as the gap between the candidates is likely to deepen in coming polls

Key Quotes

“It was a conscious choice: Mr Macron appeared in a remarkably similar looking dark blue suit that François Hollande sported four years ago when he adopted a more Presidential posture. Macron, who seems the most likely to be next French President, continued to give more details about his programme and elaborated on pre-announced measures. The press conference was in stark contrast to that of François Fillon yesterday when the more right-wing candidate appeared to be on the defensive. This morning, Mr Macron struck a Presidential tone, delivering his message in Blair-like style which could go down well with the French electorate.”

“Mr Macron confirmed a six-pillar strategy: education, labour market, economic reforms, security, democratic renewal and Europe. The whole programme is a mix of long-awaited structural reform, economic stimulus and public sector cuts (pledging €60bn public spending cuts). Mr Macron pledges to respect the 3% of GDP target for the budget deficit and aims to reduce the public debt to the European average; he expects growth to accelerate slowly from 1.4% in 2017 towards 1.8% in 2022.”

“Mr Macron also confirmed his pro-Europe agenda, aiming to stick to a “consolidated approach of budget deficits”. His first target is to restore French credibility through structural reforms in order to convince Germany to increase Eurozone integration and create some risk-sharing mechanisms: a common Eurozone budget and Finance Ministry would be proposed, as well as a reinforced external EU security force.”

“Yesterday’s press conference appears to be a decisive step towards the Presidency for the former Hollande Economy Minister. Mr Macron also seized the opportunity to dissociate himself from Mr Hollande’s legacy, without denying the reforms he led himself while in Government. He will remain eager not to appear the “Hollandist” his opponents like to call him. Coming polls will show if he can succeed in convincing the French people and if his reform proposals appeal to them, but as from today the race to the Elysée has been taken to a higher level.”