France could pay a heavy price for Macron’s Liz Truss-attack on Le Pen

As Emmanuel Macron heads into a fraught election, France’s president is repeatedly warning voters of the calamitous consequences of electing Marine Le Pen’s National Rally into government. In doing so, he is effectively weaponising the bond market. His allies point to what unfolded under Liz Truss’s government. The message to voters is clear: don’t even think about.

Throwing a ‘grenade’ at those considering backing National Rally might be smart politics, but it is very dangerous economics – and the consequences may be catastrophic for the country he leads.

You can hardly blame Macron for panicking: his decision to call a snap general election last week does not appear to be working out very well. Macron’s Renaissance party is trailing in third place, behind the National Rally and a united left-wing Popular Front. Some polls show his party reduced to 50 or 60 MPs, a result that would leave him powerless for the remaining three years of his time in office.