President Emmanuel Macron’s speech at the Sorbonne in 2017 was interpreted as a new quality in European integration. However, in its key component, the Eurozone, Macron’s France is a continuation rather than a change of the previous line, influenced mainly by: France’s historical experience with monetary integration, state and economic institutions, the specificities and challenges of its own economic system. The challenges facing the French economy, and the deteriorating economic outlook, will weigh on the stability of the euro area in Macron’s second term. The lack of a majority in the National Assembly will put into question the possibility of continuing the reform course, but also the prospect of electing a pro-European successor in 2027.
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