Emmanuel Macron, Savior?

It has become quite the norm, in the presidency of Francois Hollande for government to rise and fall in short periods. In the last remaniement, the more outspoken personalities, Arnaud Montebourg, Benoit Amont, Aurelie Fillipeti, opposed to the centrist shift of the President and his Prime Minister, Manuel Valls, were all fired. The new government ministers represented the full embrace by Hollande of the Social-Democrat political mind and his reject of the true left, the ideal to his party, the PS (the Socialist Party). No one represents that change more than the new minister of the economy and industrial renewal, Emmanuel Macron.

At 36 years old he is one of the youngest people to ever occupy his powerful ministry, there has still not been a female minister of the economy. He has become the embodiment of the new political line of the Valls government, the center-left. Macron had prior to this appointment been deputy secretary general of the Elysee, a presidential adviser, and had worked for the investment bank Rothschild & Cie. The irony of an investment banker becoming minister of economy in a socialist government was not lost on anyone, especially to the ever increasing, near mutinous left flank of the PS. His appointment marks a complete change of tone for the French president, who had called finance his enemy in the election in 2012.

His appointment was celebrated by the world of finance and by France in general, perhaps due to the fact that he is seen as more of a technocrat than a politician, and that after the overly political Montebourg ministry, the French felt they needed a minister of economy who is, or seems apolitical. Polls have continued to show that the deep disapproval of the current government's economic policies, 86 percent, and the ever increasing unpopularity of the president. Macron's popularity, however, is sky high, 62 percent of the population approves of him. This should give him a lot of leverage to help him pass his first big test, the passage of his laws to help the French econony on December 10th. A law that is supported by the French populace by a margin of 58 percent.

Macron and his predecessor, Montebourg.

The 'Macron law' really was conceived under the previous Montebourg ministry, but has been simplified under Macron and some of its original pieces sent to other ministries to take care of. So as a result the new law is much easier to digest and understand. Parts of the law will deal with an increase in Sunday work and overtime, both very regulated in France to increase touristic revenue and put more money in the pockets of French workers. Other parts deal with loosening regulations to join some very regulated professions like notary, court clerk, etc. so as to diminish the price on legal document work. The law also deals with cheapening transportation, the economic contributions of labor unions and the sale of six billion euros of government stock in private companies. The crux of the law remains the simplification of the rigid French regulatory and economic system to be able to compete with the rest of Europe and the world. France has continued to be criticized by other European Union countries, chiefly Germany, for missing their self imposed economic targets, partly due to that rigidity. This law with its simplification will show Europe that France is willing to change in the face of its daunting challenges.

The rigid French economic system with its protectionism, remains the biggest challenge Macron will deal with. Many laws had been enacted by successive  left and right governments in their bid to protect France against globalization. Globalization won out and the French system is still trying to catch up. The Sarkozy government had been accused of seeking to destroy that protectionism by the PS and the election was won, but now it seem that Hollande is trying to find a place between the Sarkozy position and the pure protectionism that many in his party still advocate for. Macron's ministry is a way for Francois Hollande to try and find that middle path. Parts of the Macron law, the overtime and Sunday work reforms are very popular with the French, and was his law to have even a small positive effect on the economy, the outlook for the Valls government and the Hollande presidency would be very bright.

With his high approval rate and his economic credentials, Macron has many tools to have a successful ministry at the helm of the very challenged French economy. His law, if passed will definitely begin a path, but there are challenges. The left flank of the PS, with the unions and the leftist political parties has already created a vocal and boisterous opposition, it remains to be seen if Macron will falter or flourish in the face of such strong adversity. Macron will also have to go beyond this law and find other solutions that are inventive and creative to increase French competence in the global market. It is a daunting challenge, but he, more than anyone has been given the tools to succeed in this endeavor. Unlike Montebourg, who was feuding with the President and Valls throughout his ministry, there is not a daylight between Macron and his two superiors, which will allow for a cohesive creation and implementation of policies to heal the very damaged economy. Will Macron save the Republic? It remains to be seen.