Stanley Pignal Profile picture
Apr 24 16 tweets 4 min read
France votes today.

A lot of the focus has been on Le Pen. We've had weeks of "What if she wins?" or "Even if she loses, she's changing France!"

But the candidate who matters is the one who wins.

That's going to be Macron. And his re-election matters more than his 2017 win.🧵
First, let's put the rise of the far right in perspective.
Indeed in 2002 Le Pen (père) got 18% of the runoff vote, in 2017 it was 34% and this time it will likely be higher.

That is more a feature of the evolution of the party than the country.
In 2002 FN was an overtly racist party.
In 2017 Marine Le Pen wanted to leave the euro.
Now she wants to stay in EU and immigration barely features in her programme.

France didn't get more Front National: it was the Front National that got more like France.
To test this thesis is easy: a candidate ran on an unabashedly anti-immigration campaign quite similar to the Front National of 2002. And for all the media hubbub, Eric Zemmour got just 7% of the vote. To me that shows France's drift to the extreme is pretty limited.
I think something similar happened on the left. Yes the far left under Mélenchon did well (though not much better than past elections). But that is more the result of centre-left collapse than a desire for a Bolivarian revolution in France.
The candidate that actually matters is Emmanuel Macron. Absent a polling meltdown, he will win! So let's care about him at least a bit. Because for all this commentary on how much he is supposedly hated, the gilets jaunes etc, he's actually had a smooth run to re-election.
France is a country that loves chucking out incumbents. Yet Macron got the best first-round score for an incumbent president since Mitterrand in 1988. Macron has never looked anything other than very likely to win, even after a lacklustre campaign ahead of the first round.
His win in 2022 is perhaps more meaningful than 2017. Back then he won at least partly by default. Francois Fillon on the centre-right was huge favourite to become president, felled late on by various scandals. Macron was doing well for an insurgent, but not a clear winner.
Some think he'd have triumphed anyway in 2017. I think that's doubtful. I reckon he might have come 2nd or 3rd, perhaps led a liberal block in parliament, wangled a job running the foreign or finance ministry. Not bad for a 39-year-old! And a platform for the future.
I digress. Anyway you could always argue Macron's agenda in 2017 had triumphed by default rather than enthusiasm. Voters had little track record to judge him by.

This time French voters HAVE lived with him for 5 years, and have no doubt as to what they are getting for the next 5
A lot of the analysis is muddled around Macron. Those who think he's a right-winger should look at the covid response. Those who think he's of the left should see who he appointed to run the Interior and Education ministries. A liberal? look at his trade and industrial policy.
I won't attempt a stab at assessing his record. My colleague @PedderSophie does this better anyway, having interviewed Macron many times over the years, written the bio and this piercing profile of him I recommend once again. economist.com/1843/2022/03/0…
So everyone can find something they dislike about Macron (I have a pretty long list, who doesn't?).
But the most usual feeling among the most voters is that he's done a good job. Yes, some strongly disagree. Someone always does. But look at who's going to win.
The key point is that Macron is the candidate who matters, not Le Pen. Elections matter because they tell us who voters think ought to run the country. Not who protests loudest, not who nearly won, not who you think ought to have won.
Let's wait until 8pm. Absent a stunning polling failure, it will be Macron who is running France until 2027. My humble advice at that point: stop caring about who lost the election and spend more time thinking about who won and why.
On that note, I'm off to the polling station. Vive la République. Et Vive la France!

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More from @spignal

Feb 26
Quite a lot of finessed language in the EU statement. It is clearly a ramp-up in sanctions, no doubt about it. But not yet 100% clear it is the cut-off-the-gas style embargo many are pushing for. Will have to look at the fine print to gauge that.
I'd be very sceptical of anyone who tells you "the Russian central bank stuff is a huge deal!" or "none of this will matter". Unless they are real insiders with in-depth knowledge of financial plumbing, just ignore them.
The question you want answered is: "does the EU expect to be importing gas from Russia after these sanctions come into effect?" If yes, then clearly the cut-off is pretty limited.
The fact we haven't heard of plans to stop importing Russian gas suggests sanctions remain narrow.
Read 5 tweets
Jan 10
The FT's most-read piece is on how to read more. I changed my reading habits a couple of years ago, having gotten into a books rut, and below are my tips as to what works. ft.com/content/6783bf…
Always have a book with you. Snatch opportunities to read. A 12-minute bus journey is 12 pages. Do that every day you've added a dozen books to your reading list.
Read diversely. Even if you LOVE history books, for example, you can't read 52 history books a year. The more diverse stuff you read (novels, different genres, eras, etc.) the more fun it is. Plus, it's good for you.
Read 9 tweets
Jan 6
I started my reign as @TheEconomist Charlemagne this week. It is an occasion that warrants a sweeping take. In this case, I questioned how the European project will navigate the age of Big Government we are entering post-covid. A short summary 🧵. economist.com/europe/2022/01…
Critics deride the EU as a bonkers that measures the curvature of bananas. And that's on top of meddlesome governments!
But it's often the opposite: Brussels often tells govts what *not* to do. Schengen = don't do borders. State aid = no subsidies. Euro = don't devaluate, etc.
That is in part the result of a weird quirk: the EU came of age in an age when small(er) government was accepted more or less universally.

Now we enter the age of Big Government, whether in Biden's US, Johnson's UK and beyond.

So, how easily will the European project adapt?
Read 8 tweets
Jan 5
Macron says he's happy to "emmerder" the unvaccinated for as long as it takes. That will lose him precisely 0 votes given his electorate. But I reckon 90% of the vaxxed, who are having to deal with kids getting tested, hospitals full, schools out etc, are heartily in agreement.
On the vocabulary used, Macron is criticised for the use of "emmerder" - roughly as crude as "to piss off".
But this is careful wording. Pompidou's most famous quote was how the state had to stop "emmerder les Français". So makes it difficult to argue it's unpresidential language
I have far more of an issue with another quote from Macron's same interview: "Irresponsible people are no longer citizens". Saying that about unvaxxed people is inconsistent with not mandating vaccines by law . Either it's legal not to be vaxxed or it's not.

(h/t @aczyze)
Read 4 tweets
Jun 4, 2021
THE STORY OF EUROPE'S CORPORATE DECLINE

20 years ago, 41 of the world's 100 most valuable companies were in Europe. Now the figure is down to 15.

What on earth happened?

We take a look at this in this week's @TheEconomist cover package.

economist.com/briefing/2021/…

A 🧵
Europe's fall from the top tier of global business has been spectacular.

We call it "The Land that Ambition Forgot".

Remember the era of Nokia, Ericsson, BP, Vodafone? All were among the world's top 10 companies.

Look at profits, sales, etc - on every metric Europe has faded Image
Now Europe's biggest firm (currently LVMH) barely scrapes into the top 20 most valuable firms in the world. Apple by itself is worth roughly as much as ALL the firms in the German DAX30 index or the CAC40 in France.

This isn't a EU thing btw, Europe here includes UK +Switzerland
Read 15 tweets
Jun 2, 2021
This week ends the annual moratorium on expelling tenants in France. For several winter months (it was extended this year) even tenants who don't pay can't get kicked out. It is "treve hivernale" - the truce.

A heart-warming policy with *terrible* consequences for the poor. A 🧵
It is more or less impossible to kick out a tenant in France, whether they pay or not. I have come across instances of landlords who don't even try to claim unpaid rent, but will PAY tenants to leave.

In this news item the tenant hasn't paid in 5 years
So, great to have tenant power, right?
Except it's not.

Landlords pick the tenants they know won't cause trouble. If you can't be 100% sure someone will leave, you pick the "safest" tenant. What does that mean?
Read 6 tweets

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