Macron Dreamed of Reviving France, but His Term Is Ending in Crisis

Emmanuel Macron entered the Élysée in May 2017 with a vision of revitalising a France that he described as “in need of a fresh start”. The young centrist, then 39, promised to modernise the economy, deepen European integration and restore the country’s standing on the world stage. Ten years on, his presidency is concluding against a backdrop of soaring public debt, social unrest and a series of political setbacks that have left the nation teetering on the edge of a fiscal crisis.The initial optimism that surrounded Macron’s first term was anchored in a series of reforms aimed at liberalising the labour market and reducing the rigidity of French employment law..

The 2017 “Loi Travail” and subsequent changes to unemployment benefits were presented as necessary steps to attract investment and lower the country’s historically high unemployment rate. Early indicators suggested modest success: the unemployment rate fell from 9.8 % in 2017 to 7.1 % in 2022, and the economy grew at an average of 1.3 % per year, outpacing some of its European peers. Yet critics argued that the gains were uneven, with gains concentrated among larger firms and a growing segment of precarious workers who felt increasingly insecure.The COVID‑19 pandemic in 2020 tested Macron’s governance in ways that few could have anticipated..

France, like many of its neighbours, introduced unprecedented fiscal stimulus, including a €100 billion recovery plan and a series of short‑term work schemes designed to keep employees attached to their employers. While these measures cushioned the immediate economic blow, they also added dramatically to the public deficit, which swelled to 9.1 % of GDP by the end of 2021 – the highest level since the post‑war period. The subsequent “France Relance” plan, funded by a mix of borrowing and EU grants, sought to channel the surge in spending into green transition and digitalisation projects, but the scale of the outlay has raised concerns about debt sustainability as interest rates begin to rise across the eurozone.Macron’s second term, secured in the 2022 snap election, was built on a promise to confront climate change, overhaul the pension system and further embed France in a strategic European defence posture..

The pension reform, intended to raise the retirement age from 62 to 64, triggered some of the most widespread protests of his presidency, echoing the “yellow vests” movement of 2018‑19. Demonstrations in Paris, Lyon and Marseille saw clashes with police, blockades of major transport arteries and a temporary shutdown of several regional airports. The unrest highlighted a deepening divide between the government’s technocratic approach and a citizenry increasingly skeptical of top‑down reforms.Internationally, Macron has pursued a more assertive foreign policy, seeking to position France as a counterweight to both a resurgent Russia and an increasingly assertive China..

His role in brokering the 2022 EU sanctions package against Moscow, his advocacy for a European strategic autonomy in defence, and the launch of the “European Intervention Initiative” were touted as successes. However, the costly involvement of French troops in Sahel operations, the withdrawal from Afghanistan and the limited impact of EU diplomatic initiatives have tempered the perception of French influence abroad, especially as domestic challenges mount.The fiscal picture has grown more precarious in recent months. The French Treasury reported in June 2024 that the net public debt had reached €3.1 trillion, equivalent to 115 % of GDP, a level that surpasses the eurozone average by a substantial margin..

At the same time, inflation, driven by energy prices and supply chain disruptions, peaked at 6.7 % in early 2023 before easing to 4.2 % by late 2024, still above the European Central Bank’s target. The government’s attempts to curb spending through a series of austerity measures – including cuts to public sector hiring and a freeze on certain social benefits – have ignited further opposition from trade unions and left‑wing parties.Political fragmentation has compounded the fiscal dilemma. The traditional dominance of the centre‑right and centre‑left has been eroded by the rise of the far‑right National Rally, now holding a significant bloc of seats in the National Assembly, and the left‑wing coalition led by La France Insoumise..

Legislative gridlock has hampered the passage of comprehensive budget reforms, leaving the executive reliant on temporary “dérogations” that merely postpone the inevitable reckoning with debt servicing costs. Analysts at the Bank of France warn that, if growth remains stagnant and interest rates continue to climb, the debt‑to‑GDP ratio could breach 130 % within two years, pressuring the government to consider more drastic measures.Public sentiment reflects the growing unease. A Pew Research Centre survey conducted in September 2024 found that only 32 % of French respondents believed the economy was on the right track, down from 48 % in 2020..

Trust in political institutions has likewise declined, with confidence in the presidency falling to its lowest point since the Fifth Republic’s inception. The combination of economic anxiety, perceived democratic deficit and a sense that reforms are being imposed without adequate consultation has fed into a broader narrative of disillusionment that political scientists warn could have lasting implications for French civic engagement.As Macron’s term draws to a close, the transition of power is expected to be closely watched both domestically and abroad. His successor, likely to emerge from a runoff scheduled for April 2025, will inherit a nation grappling with high debt, social fragmentation and a public appetite for change..

The forthcoming government will need to balance the imperative of fiscal consolidation with the political reality of a populace wary of austerity, while also navigating a European landscape marked by divergent economic recoveries and geopolitical tensions.Macron’s legacy will therefore be judged not only by the reforms he managed to enact but also by the extent to which his administration succeeded—or failed—to steer France away from the fiscal precipice that now looms. The dream of a revitalised, forward‑looking France remains contested, and the final chapter of his presidency may well be defined by how the nation resolves the contradictions between ambition and reality, growth and sustainability, and the promise of renewal against the weight of entrenched challenges..