Macron will have limited room for manoeuvre in likely second term
Emmanuel Macron is expected to win the presidential election in April but fall short of an absolute majority in the parliamentary elections that follow in June. He could end up in the uncomfortable position of having to form a coalition with the centre-right and/or moderate left. In a difficult economic context, exacerbated by France’s massive pandemic support plans and the gathering fallout from Ukraine, a much stricter budgetary policy should be expected in Macron’s second term. Brunswick’s Paris office deep-dives into the not-so-obvious election outcomes.