Seven leading candidates vying for the French presidency debated economic policy on Thursday at the annual conference of Medef, France’s main employers’ federation. The discussion, held at the Roland Garros tennis stadium, underscored the deep divisions shaping the upcoming election and highlighted contrasting visions for France’s economic future.
Marine Le Pen, the 58-year-old candidate of the National Rally and current frontrunner in opinion polls, outlined a plan to reduce France’s budget deficit, which reached €152.5 billion last year. She proposed €125 billion in savings, including cuts to France’s contributions to the European Union, restrictions on immigration, and the elimination of what she described as “useless” state agencies, particularly environmental bodies. Despite past controversies over economic proposals—such as her 2017 call to leave the eurozone, a stance since abandoned—Le Pen has sought to present a more professional approach to economic issues in this campaign, according to some observers.
Jean-Luc Mélenchon, 75, leader of the far-left France Unbowed movement, countered with a call for a planned economy, increased taxes on corporations and wealthy individuals, and the cancellation of French debt held by the European Central Bank. His radical platform drew sharp criticism from Édouard Philippe, 55, former prime minister under President Emmanuel Macron and now a presidential candidate himself. Philippe condemned Mélenchon’s proposals as reckless, describing them as dangerous despite their appeal to certain voters. Both Philippe and Mélenchon are polling closely behind Le Pen, but remain significantly behind her lead.
Among the audience of business leaders, apprehension was palpable. Several attendees expressed concerns about the potential fallout of the election, especially if the runoff pits Le Pen against Mélenchon, a scenario described by one observer as a “nightmare” analogous to political polarizations seen elsewhere in Europe. A female executive in the automotive sector expressed fears that such a divisive election could strain personal relationships and social cohesion, though she indicated a preference for Le Pen over Mélenchon should such a choice arise.
Le Pen’s National Rally remains viewed with skepticism among many business figures, particularly due to its historically Eurosceptic stance and uncertain commitment to economic reform. However, there are signs of a gradual shift within the party, with its chairman Jordan Bardella seeking a more pro-business orientation. Le Pen herself emphasized the continuing importance of state intervention in the economy, calling it central to France’s identity, a position that somewhat contrasts with Bardella’s reformist ambitions.
Criticism was also directed at Le Pen’s economic proposals from within the business community. An industry consultant dismissed her plan to reduce VAT on energy as populist and questioned the feasibility of her immigration controls, citing the essential role of immigrant labor in sectors where local workers are scarce.
The debate revealed the stark contrasts between candidates and the challenges facing France as it prepares for a presidential contest that promises to reshape the political and economic landscape. While Le Pen retains the lead, fears persist among both elites and the public about potential outcomes, underscoring the complexity and volatility of the current electoral environment.