Macroneconomics

téléchargementThe arrival of Emmanuel Macron to the new Socialist government could have simply been a symbolic gesture, rather than signalling real change.

Macron, who has been an economic advisor to President Hollande for much of the past two years, is an unelected technocrat who is widely liked and respected by the political and journalistic class.  He has also managed to establish cordial relations with trade unions, despite being a former Rothschild banker.  Predictably, employers’ groups love him.

With the ejection (although he has skillfully painted it in the media as a resignation) of Arnaud Montebourg, Macron is the new Economy Minister (the UK equivalent would be the Business Secretary).  Gone is the clunky “Productive Recovery” label, and the pompous invective of Montebourg.  Gone too is any vestige of the left of the Socialist Party from economic policy. Continue reading

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