Macron supporters aim to force him to rebel against EU and Germany | World | News

The pro-EU centrist is France’s youngest President at just 39-years-old and swept to power from being virtually unknown after a convincing victory over his far-right challenger Marine Le Pen.

While he received a convincing 66 per cent of the popular vote the former Rothschild banker appears to have far less overwhelming support from members of his own party, most notably over his staunch EU stance.

While Mr Macron has repeatedly backed the bloc, supporters such as Laurence Boone, AXA Group’s chief economist and Shahin Vallée, a former economic advisor to Mr Macron, are much more wary of the EU and Germany under Angela Merkel’s leadership in particular.

Reuters

President-elect Emmanuel Macron in Paris

The pair, while pro-EU, are cautious of German recommendations of turning the European Stability Mechanism (ESM) into a full-blown European Monetary Fund (EMF).

In an article for The Economist the pair wrote: “All in all, the idea of an EMF sounds like a generous proposal to integrate the euro area and improve the workings of adjustment programmes.

“In reality it is a dead end that those interested in building a strong and genuine monetary union should use as a stepping stone to promote a real budget.”

This group believes that instead of falling in line with German wishes, France should stand up for itself and call Chancellor Merkel’s bluff.

Germany knows that should Mr Macron’s administration fail, France is very unlikely to get a more pro-EU leader and should use this as leverage in any dealings, they said.

Related to this group are those questioning the neo-liberalist economic orthodoxy of Mr Macron.

Twitter

AXA Group’s chief economist Laurence Boone

Lead by the likes of MEP Sylvie Goulard, who advised Mr Macron during his campaign and has been tipped to have a prominent position in his government, the grouping takes issue with the overt backing of Germany. They want the other EU members to be on a more equal footing rather than being railroaded by German demands.

The third camp, headed by the former Foreign Minister Hubert Védrine, take a sceptical view of a federalist EU.

Europarl

Shahin Vallée, a former economic advisor to Emmanuel Macron

While remaining supportive of the bloc they are wary of creating a centralised economic powerhouse with one treasury and ruled by a finance minster across the member states.

In essence, they see a lot of Mr Macron’s support coming from…

Read the full article from the Source…

Back to Top