THE FRENCH ARE DETERMINED TO MAKE THEIR COUNTRY UNGOVERNABLE
The Le Pen challenge of 2017 is dead. Emmanuel Macron will have no trouble erecting a ‘cordon sanitaire’ to keep her Front National at bay in round two of the French elections on May 7.
The existential threat hanging over Europe’s monetary union has for now been lifted. Markets have instantly pocketed the reprieve. The spread between French 10-year bonds and German Bunds has dropped to ‘pre-populism’ levels of just over 40 basis points.
The celebration may be short-lived. “France is going to be very difficult to govern,” observes Eric Dor from the IESEG school of management in Lille. You can’t put it more mildly than that.
“The National Assembly [French Parliament] may be badly Balkanized and nobody knows whether Macron will have a working majority. The fear is that France could lose another five years,” he says. Just five years? How about forever?















