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April 25, 2017


Jean-Pierre Dumas

Excellent, all true, but viewed from Washingtonians. One little thing is missing, France has an unemployment rate double that of US, UK, and Germany. What will do M. Macron regarding this specific French issue? There is no tax reduction on enterprises (the key) in its program and no serious, nor credible public-expenditure reduction (France has the highest expenditure ratio in the world).

So what you say is fully right (Macron is pro globalisation, pro Europe, pro democracy, pro market, etc. but this is not enough. You forget to mention that E. Macron does not address the French binding constraint: Too much public expenditure, therefore low growth and unemployment.

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What will do M. Macron regarding this specific French issue?

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