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Dear FO° Reader,
Greetings from the always shining Golden State of California, the always swampish capital of Washington, DC, and the always enjoyable playground of Switzerland. Autumn is definitely here, but as more than just leaves fall this week, our team has some essential information to share with you about the current situation in France. For the occasion, Peter Isackson, from France, joined us and shared his vast knowledge of what is happening there, where he has been living for a few decades. President Emmanuel Macron, once credited with a youthful image akin to John F. Kennedy while aspiring for Fifth Republic reformation, has since earned the old guard reputation he so often resented. Despite originally running on a centrist platform, Macron’s recent controversial decisions have left an upset French electorate concerned about where his party loyalties really are and where the country is headed now. French government collapses as MPs vote to oust prime minister | BBC Europe’s boneheaded sanctions regime | UnHerd “Bloquons tout” is a general strike & shutdown protest A movement called Bloquons tout (“Let’s block everything”) initiated a nationwide shutdown on September 10, 2025, to protest proposed austerity measures in the 2026 budget. Subsequently, large-scale strikes and street demonstrations took place on September 18, 2025, against the government’s budget cuts, led by major unions. Sources: French unions strike against austerity, pressuring Macron } Reuters
In particular, France has been noticeably increasing its debt. In early 2025, France’s general government debt (i.e., the consolidated public debt) rose to €3,345.40 billion (i.e. ≈ €3.345 trillion). Over three months, France added €40.5 billion more debt. Experts predict that it will hit $117 billion (€100 billion) of annual increase by 2030. Tensions are mounting within the country, as the far left and the far right are gaining political ground at home, tearing apart the current centrist regime. Abroad, the war in Ukraine is still raging on after three years. And despite billions of dollars and euros spent to prop up Kiev’s war effort, the future is uncertain. This doubt is pressing against the current order, which cannot seem to come up with a solution to the nation’s woes. Crisis-prone France sinks deeper into debt quagmire | Rueters France General Government Debt | Trading Economics Why France is at risk of becoming the new sick man of Europe | BBC France has been listless for some time now
The government has had four Prime Ministers since the 2024 legislative election. A number of protests from the political left and right have swept the nation; the already-mentioned “Block Everything” movement, which demonstrated against austerity measures proposed by President Emmanuel Macron’s government in early September, is a notable example. Labor Unions are calling for even more protests in the future to further pressure the new Prime Minister Sources: French unions call more protests to put pressure on new prime minister | Reuters 2024 French legislative election | Wikipedia ‘Block Everything’ protests sweep across France, scores arrested | Reuters Meanwhile, the left has put forward a new tax proposal designed to reduce the deficit: the Zucman tax, named after the economist Gabriel Zucman, who conceived it. The measure would target France’s super-rich, whose fortunes have soared over the past few decades. This represents a striking contrast with President Macron’s early decisions in 2017, when he lowered taxes on the wealthy and pursued other unpopular reforms, such as raising the retirement age, which alienated many working-class citizens. As our sage Peter Isackson observes, the Zucman tax is only a small first step, more symbolic than structural, but symbolism matters. It would signal that the government is at least beginning to address France’s massive economic imbalances. Even if its practical impact remains limited, it would mark a departure from the Fifth Republic’s well-worn reflex of protecting entrenched elites, and it would affirm a basic democratic principle: that even the wealthiest must contribute to maintaining the state and public infrastructure. Both the center and even the populist right (Marine Le Pen’s National Rally) oppose the tax. It is unlikely the new prime minister, Sébastien Lecornu, will endorse it. It is equally likely that the entire left will brandish this failure to act as a justification for censure. And, remember that Macron’s first signature act was to abolish the Impôt de Solidarité sur la Fortune (ISF), France’s wealth tax on fortunes above €1.3 million. Sources: ‘Zucman tax’: What the proposed wealth tax would mean for France | Le Monde Zooming In On French Taxation | Institut Montaigne Impôt de solidarité sur la fortune | Wikipedia When 64 is too late: Refusal to roll back retirement age enrages France | Courthouse News Service French government collapses as MPs vote to oust prime minister | BBC Paris : mobilisation massive, les syndicats critiqués par leurs bases | Blast 10 septembre : violences policières « ordinaires », silence médiatique | Blast Structural problems highlight political issues — democracy in crisis
Now, France and its citizens are increasingly aware that democracy is under strain. President Macron has repeatedly played his trump card: invoking Article 49.3 of the Constitution to override Parliament and force through contested legislation. He did this most notably in March 2023 to impose his pension (retirement) reform, raising the legal retirement age — bypassing a parliamentary vote and triggering mass protests. Article 49.3 has been used many times historically to bypass votes. The use in 2023 was particularly controversial, considered by many as a “nuclear option” in French politics. Sources: French pension reform: Macron’s isolation revealed by recourse to Article 49.3 | Le Monde After Macron’s use of ‘nuclear option’ on unpopular pension reform, what’s next? | France 24 More recently, the so-called “Duplomb law” (concerning agriculture and the use of pesticides) sparked similar accusations of executive overreach. The law was adopted by Parliament in July 2025 thanks to an exceptional procedure amid fierce backlash. Its central Article 2, which would have re-authorized certain neonicotinoid pesticides, was struck down by France’s Constitutional Council in August 2025 for violating environmental rights. Sources: French parliament passes controversial Duplomb law amid environmental backlash | Euractiv Tax the rich or fall: French PM Sebastien Lecornu faces budget ultimatum | The Economic Times France finds itself in a paradoxical situation today. Macron, twice rejected at the polls — in the 2024 European elections and the subsequent legislative elections — remains one of the least popular heads of state in the Fifth Republic. His governments have been unstable, with four prime ministers since the last election, none able to win the public’s confidence. Macron has nevertheless managed to push through deeply unpopular measures, from raising the retirement age in 2023 to recent labor and budgetary reforms, by repeatedly invoking Article 49.3 of the Constitution, which allows him to bypass parliamentary votes. In theory, France is a democracy. In practice, Macron rules through executive fiat, insulated from accountability by the institutions of the Fifth Republic. The Yellow Vest movement, momentarily subdued by the pandemic, has begun to stir again as inflation, austerity and frustration with “presidential monarchy” feed into a broader malaise. Sources: French pension reform: Macron’s isolation revealed by recourse to Article 49.3 | Le Monde After Macron’s use of ‘nuclear option’ on unpopular pension reform, what’s next? | France 24 This malaise is not confined to domestic politics. The war in Ukraine, once framed as a moral crusade for Europe, increasingly appears unwinnable to the French public, casting doubt on the EU’s global role (Le Monde Diplomatique offers regular critical analyses). At the same time, the Global South is realigning with Russia and China, leaving Europe looking powerless and adrift. Within France, people sense that “there is no going back”: the old certainties, whether of post-war prosperity, of social protections or of Europe’s strategic weight, have dissolved. Macron’s first act in 2017 was to abolish the wealth tax, a symbolic gesture of deference to the rich. Now, under pressure, his government is debating the Zucman tax, a new wealth tax proposal targeting fortunes over €100 million. For some, this is evidence of a crumbling system trying to appease public anger with symbolic gestures. For others, it is proof that the state can no longer ignore structural inequality. Either way, France’s political class faces a legitimacy crisis, while the mainstream media often avoids framing events as such. Independent outlets like Mediapart, which critique power without taking partisan positions, have become one of the few spaces where this crisis is openly confronted. Sources: Why France matters and FO°’s lens
This week in France clarifies the unfortunate reality that politicians are people first, public servants second. Regardless of how optimistic an individual can be on camera, their ability to deliver behind closed doors may never be as impactful. Therefore, while Macron seeks out solutions for his lackluster political legacy and faltering public favorability, we at FO° simply hope the French Republic comes back stronger than ever as soon as possible. Further reading/sources
Wishing you a thoughtful week, Casey, Nick, Roberta and Peter’s Wisdom Communications & Outreach |
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