France: significant promises kept, but the most crucial reforms will take time

Published May 30, 2018

5 to 10 minutes

5 to 10 minutes

The essential

One year on from his election victory the French president has already lived up to some of his campaign promises, most visibly regarding labour market regulation and taxation, actions that have generally been welcomed by international financial commentators.

More reforms are planned and will probably be (at least partially) implemented during the rest of the presidential mandate, even though resistance, weak until now, may build up and the political and economic backdrop may become less favourable than it has been so far.

These reforms, a combination of supply-side and flexi-security policies, should play positively on the key economic measures of growth and unemployment. However, they may not be enough to stem, in the long term, the rise of radical political forces, the main medium-term threat to institutions in France as in other European countries.

Facing this challenge will probably also require major changes focused on the goods and services markets, especially to remedy sharp inequalities between territories. While work has begun on a number of such measures that were sketched out in E. Macron’s manifesto, they are more difficult to follow by international investors and the real extent of changes that can be expected remains very uncertain.


To find out more, download the full paper

This website is solely for informational purposes.
This website does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service. Any securities, products, or services referenced may not be registered for sale with the relevant authority in your jurisdiction and may not be regulated or supervised by any governmental or similar authority in your jurisdiction.
Furthermore, nothing in this website is intended to provide tax, legal, or investment advice and nothing in this website should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. There is no guarantee that any targeted performance or forecast will be achieved.

Get in touch with us

Our online help service is available to answer your question

My personal information

If you have a question about our company or one of our products, please complete the form to get in touch. Please do not mention your account numbers or critical data in this form.


(*) Required fields
All our job offers (Permanent and temporary position, Internship, Apprenticeship or VIE) are available on our dedicated website:

Register and apply directly online.

Amundi on Twitter