It was time to act. For the past thirty years, France has been one of the advanced countries where growth per capita has been the weakest – barely 1.2% per year.
It is also one of the countries where public debt has increased the most, without making it a paragon of social justice.
This is why what are known as “structural reforms” are highly desirable.
Emmanuel Macron, the youngest president of the Fifth Republic, has ambitions in this area not seen since… the oldest president who was the founder of this Republic, Charles de Gaulle. Yes, it was time.
The first two projects, labor laws and capital taxation, were completed in less than six months. Although they reflect several compromises, they could nevertheless change the game*.
But this is only a first step. To succeed, changes that affect the structures of the economy require both time and consistency.
Time, because decisions and the paths to achieve them cannot be changed overnight. Consistency, because acting on one or two levers is not enough to change the game.
It will also need to liberate unduly protected markets, increase the efficiency of its public actions, organize the energy transition, and above all, improve education throughout life, from kindergarten to lifelong learning.
We are only at the beginning of changes, and these changes will bear fruit only in years to come.
France seems to have two advantages for success: strong political will in the service of an ambitious project, and a favorable economic climate that allows cushioning the short-term negative effects of certain reforms.
Let’s hope that these advantages will not be squandered.
