PARIS, February 2, 2026 — With just over a year until the presidential election in the spring of 2027, French President Emmanuel Macron is finding a temporary reprieve on the budget front, a welcome pause as he faces historically low approval ratings.
Economic Reforms Stall Amidst Political Headwinds
Macron’s domestic agenda has lost momentum, leading to stalled supply-side economic reforms and diminishing prospects for significant spending cuts before his term ends.
- Macron’s push for economic reforms has largely stalled due to a lack of political support.
- Lawmakers are hesitant to implement unpopular spending cuts as the election nears.
- The president is increasingly focused on foreign policy, particularly European independence and trade disputes.
- Several potential successors are emerging, including former prime ministers Edouard Philippe and Gabriel Attal.
- The fragmented center-right faces a strong challenge from a resurgent far right.
Having lost control of the domestic agenda, meaningful spending cuts are unlikely before Macron leaves office, as lawmakers demonstrate little appetite for unpopular measures with election campaigning intensifying. The situation leaves Macron focusing almost entirely on foreign policy, advocating for reduced European dependence on foreign powers and taking a firmer stance against US President Donald Trump regarding tariffs and the Greenland crisis.
What factors are contributing to Macron’s declining domestic influence? Macron’s supporters credit Minister of the Armed Forces Sébastien Lecornu with preventing the return of wealth taxes and preserving Macron’s legacy of attracting foreign investment through flexibility and compromise.
However, domestically, Macron is leaving his centrist bloc without a clear successor and significantly weakened against a resurgent far right. Two of Macron’s former prime ministers, Edouard Philippe and Gabriel Attal, are actively preparing for the presidential race, and Lecornu has also gained popularity in recent months.
The potential for a fractured center-right presents a significant challenge. Without a planned primary, it remains uncertain whether a mainstream candidate will even reach the election’s second round, potentially paving the way for a far-right candidate—whether Jordan Bardella or Marine Le Pen—to take the presidency.
