French Corporate Titans Lean Towards Le Pen as Macron’s Reign Falters

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In the shifting sands of French politics, an alignment is emerging between the nation's hard Right and its corporate titans. This unusual concordance arises as Emmanuel Macron's presidency falters, and the specter of alternative political factions looms large. French big business, traditionally cautious about right-wing populism, now seems increasingly willing to consider an alliance with Marine Le Pen’s National Rally.

 

The political dynamics have been drastically reshaped by widespread disillusionment with Macron. Once hailed as a reformist savior, his administration is now marked by controversial policies and a perceived disconnect from the electorate. This has left many, including influential business leaders, seeking new avenues to ensure economic stability and growth.

 

 

The business lobby MEDEF, representing the country's major corporate interests, has voiced significant concerns over the potential rise of the Left’s Front Populaire. This group, currently running a close second in the polls, proposes rolling back the retirement age to 60 and undoing many of Macron’s economic reforms. Patrick Martin, MEDEF's president, described their program as “an absolute red flag. It would lead to €200bn of extra public spending each year, financed by taxes or borrowing. That will end badly.” Martin’s warning echoes historical fears, drawing parallels with the original Front Populaire of 1936, which led to capital flight and economic crisis.

 

 

MEDEF is equally apprehensive about a possible hung parliament, dominated by polarized factions from both political extremes. Such a scenario could lead to governmental paralysis and exacerbate France’s economic challenges. Europe 1 has reported that Macron might invoke Article 16, granting him powers akin to those of a Roman dictator to maintain governmental function, though this would likely spark significant civil unrest.

 

In this fraught context, there is a cautious optimism within business circles about the National Rally, especially in light of Italy’s recent experience with its hard Right under Giorgia Meloni. Despite initial fears of radical economic policies, Meloni has navigated a pragmatic course, balancing populist rhetoric with fiscal responsibility to secure EU funds and maintain stability. This approach has provided a potential blueprint for Marine Le Pen and her party.

 

However, France’s political landscape presents unique challenges. The National Rally has deliberately kept its economic plans vague, blending protectionist and welfare policies with market-friendly rhetoric. Jordan Bardella, a key figure in the party and potential future prime minister, has indicated that many policy implementations will be delayed until after an audit of public finances. This could provide political cover for a retreat from more radical proposals if necessary. Bardella has sought to reassure business leaders, stating, “I have come to reassure you. Financial constraints oblige us to make choices.” His comments at a recent MEDEF forum suggested a willingness to align with corporate interests and uphold France’s treaty obligations.

 

Not everyone within the National Rally is pleased with this shift. Bernard Monot, a former Euro-MP and economic strategist for the party, criticized Bardella’s concessions to liberal Atlanticism. “Bardella has already sold out completely. It is not the patriotic economic model that I wanted. He’s changed the party’s position on fundamental positions. He’s pro-Zelensky and pro-Nato, just like Meloni. He is entirely compatible with liberal Atlanticism,” Monot lamented. His departure underscores the internal tensions and challenges of reconciling populist ideals with economic pragmatism.

 

Macron’s presidency has been further strained by his use of executive powers, such as Article 49.3, to push through unpopular reforms, including changes to the pension system. His unilateral approach has alienated many, including his own supporters, fueling public resentment. This political climate has created an atmosphere of urgency among those seeking to address pressing national issues like immigration and economic decline.

 

Jean-Louis Debré, a veteran Gaulliste and former head of the Constitutional Court, succinctly captured the sentiment: “Macron’s record is quite remarkable: he has fanned the flames of populism, and broken the responsible parties of Left and Right, without building anything to replace them.” Debré attributed the deeper unrest to “a worry about uncontrolled immigration, and a palpable sense of national decline, and an intolerable feeling of insecurity that nobody is tackling.”

 

Macron’s diminishing support base, struggling to find a masterstroke in his political maneuvers, faces the harsh reality of his dwindling influence. His decision to call a snap election, perceived by many as a petulant move to avoid being a lame-duck president, has only added to the political chaos. As France grapples with the consequences of his governance, the prospect of a hard Right and big business alliance marks a significant shift.

 

In this context, the potential for an alliance between the hard Right and corporate France represents not only a pragmatic choice by business leaders but also a broader commentary on the nation’s political and economic state. Whether this partnership can navigate France’s challenges and deliver stability remains to be seen, but it undoubtedly signifies a pivotal moment in the country’s evolving political landscape.

 

Credit: Daily Telegraph 2024-06-24

 

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[JonnyF]

The corporations have seen the direction of travel. 

 

With the exception of Britain, Europe is moving away from failed leftist policies at an incredible pace. 

[Chomper Higgot]

Corporations backing the extreme right.

 

Nothing new about that whatsoever.

[candide]

A completely misleading title. The MEDEF has never shown any support for the RN. 😀