John Keiger John Keiger

Could the markets force Macron to back down on pension reforms?

Emmanuel Macron (Credit: Getty images)

Is Emmanuel Macron reaching his Liz Truss moment when financial markets finally determine his future? On 20 March Moody’s ratings agency strode into France’s explosive pensions reform turmoil. While keeping France’s rating at Aa2 ‘stable’ it nevertheless warned that President Macron’s constitutional sleight of hand denying the National Assembly a vote on the bill risked undermining future macro-economic reforms for the four remaining years of his mandate.

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John Keiger
Written by
John Keiger

Professor John Keiger is the former research director of the Department of Politics and International Studies at Cambridge.

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