Louis XIV, the Sun King, famously said: “I am the state.” Looking at France today, Emmanuel Macron appears to embrace that sentiment. He’s an over-towering figure, full of ideas and prescriptions for how Europe should punch above its weight.
But trying to define what exactly “Macronism” is has become a vexing question, one that will form the backdrop to the French president’s interview with Bloomberg Editor-in-Chief John Micklethwait to be broadcast today on Bloomberg Television at 7 p.m. Paris (1 p.m. New York).
At 39, Macron became the youngest French head of state since Napoleon, carving a bold path to power by being aggressively centrist, unapologetically pro-business and claiming the mantle of leadership in Europe in the post-Brexit era. He’s a man of contradictions — embracing state capitalism while also pursuing the kind of economic reforms that had Yellow Jacket protesters torching cars in Paris.
He completely rewired French politics by making Socialists and Republicans obselete but has no clear successor, such is the strength and force of his personality. He wants to build his legacy but he first must inoculate France against Marine Le Pen, the far-right populist who with each election gets closer to gaining access to the Elysee Palace.
Macron believes the European Union must become an economic and military power to withstand the might of the US and China — or face long-term decline. His vision to re-industrialize France and make it a financial hub needs a reality check.
French energy giant TotalEnergies is considering moving its primary stock listing to New York partly because of the weight of ESG policies in Europe. France is home to the EU’s most valuable bank, BNP Paribas, and yet it remains a relative global minnow.
At his “Choose France” summit, a flagship event the former investment banker put in place in 2018, foreign executives will be able to enjoy the glories of France’s past at Versailles Palace that Louis XIV had built.
But Macron still has work to do to get them to invest in the country’s future. — Flavia Krause-Jackson