PARIS — As thousands of French high school students staged protests last week over overcrowded classrooms, deteriorating school infrastructure, and a shortage of teachers, President Emmanuel Macron observed the launch of a new ballistic missile from a French nuclear-powered submarine off the coast of Brittany. This juxtaposition underscored the complex challenges facing Macron’s government after nearly a decade in power, as widespread social unrest and fiscal difficulties engulf the country.

Macron, elected in 2017 as a youthful reformer promising to revitalize France’s economy and welfare system, has faced increasing criticism for failing to deliver the transformative changes he envisioned. Political analysts note that his tenure, once associated with ambitious reforms, has come to be seen as a period of unmet promises and escalating crises. With just seven months remaining before the end of his current term, his approval rating stands at a low 15 percent, according to recent polls.

Macron arrived at the presidency with a background as an investment banker and economics minister, pledging to stimulate economic growth by cutting taxes on businesses and high earners, loosening labor regulations, and overhauling the pension system. While he succeeded in reducing some taxes and reforming labor laws, his plans for pension reform—which included raising the retirement age from 62 to 64—provoked widespread opposition, sparking protests and political setbacks. After losing his parliamentary majority, lawmakers voted to suspend the retirement age increase in 2025 in response to popular discontent.

The administration’s removal of a wealth tax contributed to Macron’s reputation as “the president of the rich,” a label that became more significant amid rising living costs and inflation, partly driven by the COVID-19 pandemic and geopolitical conflicts in Iran and Ukraine. These global events have further strained France’s budget and intensified socio-economic divides. Observers note that France’s social model, traditionally centered on egalitarian principles, is under stress, with increased wealth disparities resembling patterns seen in countries like the United States. Yet France’s extensive public spending—amounting to over 57 percent of its economic output in 2025—remains among the highest in the European Union, contributing to a projected public debt reaching 120 percent of gross domestic product by 2027, a ratio only exceeded by Greece and Italy in the bloc.

On the international stage, Macron has been credited with advocating for greater European strategic autonomy from the United States, a stance gaining renewed attention following the return of Donald Trump to the U.S. presidency and ongoing tensions linked to the war in Ukraine. Some foreign policy experts praise Macron’s efforts to position Europe as a more independent global actor, though critics argue he has largely been sidelined in key negotiations, which remain dominated by Washington. Notably, Macron played a role in negotiating the coordinated release of oil reserves to alleviate energy price pressures resulting from conflict-related disruptions.

Domestically, France faces political fragmentation as Macron’s centrist movement struggles to maintain influence amid electoral disappointments. Following a poor performance by his party in the 2024 European Parliament elections, Macron called a snap national election that further weakened his parliamentary standing. This diminished legislative clout has constrained his capacity to address France’s mounting fiscal issues.

Investor confidence has waned as concerns grow over France’s creditworthiness, with bond yields briefly surpassing 5 percent, raising fears of a potential financial crisis. The surge in far-right political momentum, exemplified by Marine Le Pen’s prospect of a presidential bid, adds to the country’s political uncertainties. Macron has positioned himself as a bulwark against the far right, having defeated Le Pen twice in previous presidential elections, but analysts warn that the erosion of France’s political center could increase the far right’s appeal.

Reflecting on Macron’s tenure, former advisers and political commentators highlight a stark contrast between his first and second terms. While key reforms in his initial years were viewed positively, the subsequent period has been marked by escalating crises and policy stalemates. Some experts caution that France may soon require intervention from the European Central Bank to stabilize its finances, a development considered deeply humiliating for the country.

As nationwide protests continue and economic pressures mount, France faces an uncertain path forward in the twilight of Macron’s presidency, grappling with both domestic upheaval and challenging geopolitical realities.