In the presidential election in France, the French people voted for former Economy Minister Emmanuel Macron. Professor Achim Wambach, President of the Centre for European Economic Research (ZEW) in Mannheim, comments:
„Emmanuel Macron clearly positioned himself as a pro-EU candidate and as such his election as the new French President comes as a relief also for Germany. His plans for Europe, including the establishment of a eurozone Economy and Finance Minister, are, however, not necessarily shared by the German federal government and have the potential to become a source of conflict.
What will be most crucial for Europe's future development is the degree to which Emmanuel Macron succeeds in reviving the French economy. In recent years, France's economic development has been lagging behind that of Europe as a whole. Macron can begin here by pushing ahead with urgently needed structural reforms in France. In his manifesto, he plans to reduce the public spending ratio, lower corporation tax and make labour markets more flexible. Germany and Europe can only benefit from France recovering economically and being a strong partner. What will, however, prove pivotal here are the results of the French National Assembly elections in June and whether Macron will be able to form a stable majority to implement his plans."