Germany Will Lose if Macron Fails
FRANKFURT – When Emmanuel Macron won the French presidential election, many Germans breathed a loud sigh of relief. A pro-European centrist had soundly defeated a far-right populist, the National Front’s Marine Le Pen. But if the nationalist threat to Europe is truly to be contained, Germany will have to work with Macron to address the economic challenges that have driven so many voters to reject the European Union.
This will not be easy. In fact, within a couple of days of the election, core planks of Macron’s economic platform were already under attack in Germany. For starters, his proposed reforms of eurozone governance have been met with substantial criticism.
Macron’s campaign manifesto embraced the idea of more eurozone federalism, characterized by a shared budget for eurozone public goods, administered by a eurozone economics and finance minister and accountable to a eurozone parliament. It also called for greater coordination of tax regimes and border controls, stronger protection of the integrity of the internal market, and, in view of the rising threat of protectionism in the United States, a “made in Europe” procurement policy.