The political vultures are circling around the French president and there’s much at stake for the world order.
Less than a month ago, French President Emmanuel Macron staked his claim as the flag-bearer for globalism. In a speech to 60 world leaders at the Arc de Triomphe, he eulogized the United Nations and declared nationalism the “betrayal” of patriotism.
Last Saturday, tear gas and cobblestones flew in the same part of Paris as protesters trashed the iconic monument and demanded Macron’s embattled government withdraw a proposed fuel-tax increase. For the first time in his presidency, he backed down. It was a humbling moment for opponents of the populist revolts that spawned Donald Trump.
Europe has seen many a critical juncture in recent years, from the Greek debt crisis to the anti-immigrant backlash against refugees and Britain’s Brexit vote. Rarely, though, have so many political vultures been circling around one leader with so much at stake for the world order.
Poland is flirting with the far right and nationalist parties cajoled by Hungarian Prime Minister Viktor Orban are plotting a rebellion at European Parliamentary elections in May. Meanwhile, Italy has collided with the European Union by taking a defiant stand on its budget spending.
With the EU’s erstwhile firefighter, Angela Merkel, planning to step down as German chancellor, the baton was supposed to pass to Macron to uphold liberal democracy. But Merkel’s power on the world stage was underpinned by a political fortress at home, and the French leader looks anything but solid.
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SOURCE: Gregory Viscusi
Bloomberg
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