Emmanuel Macron has only been the French economy minister for a few months, but already he’s attracted plenty of domestic outrage, mostly from socialists who think he’s a bit too right-wing. Now the former banker seems to be aiming for a wider audience to provoke, suggesting in meetings in London yesterday that Germany should drop its opposition to using the European Stability Mechanism bailout fund as a EU-wide stimulus fund.
Macron spoke to British journalists after holding meetings with Vince Cable and Chuka Umunna. He will also meet Osborne during his trip, and hopes to persuade the Chancellor of the merits of using €50bn from the ESM to spend on capital projects across Europe. He argued that without investment, France would see a situation akin to Portugal, where the country implemented supply-side reforms but has not seen growth since its bailout. ‘We didn’t properly invest there,’ he said.
‘What I know is that our reforms will be difficult to be voted, and to be implemented: it is our duty to do so and we are ready to so.
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