France’s Macron loses parliamentary majority, putting his economic reform agenda at risk

After getting reelected in April, French PresidentEmmanuelMacron might have been relieved, but his second term in office is just getting more complicated.

The alliance lost its parliamentary majority after a second round of elections.

France’s President Emmanuel Macron speaks to fellow voters as he arrives to vote in the second stage of French parliamentary elections at a polling station in Le Touquet, northern France on June 19, 2022.

It was confirmed Monday morning that his centrist group had secured a majority of seats in the French National Assembly, but fell short of the required number.

The next few hours will be dominated by political negotiations with either a permanent or ad hoc partner.

Les Republicains won 65 seats in parliament and could play a role in this.

In France, a coalition with the right could put pressure on Borne, who is seen as too left-leaning by many on the right wing of the political spectrum.

The alliance between the Greens and other left-wing groups won 131 seats in parliament, making it the largest opposition force.

The group, led by Jean-Luc Melenchon who heads a far- left party, did better than expected.

The performance of the National Rally party, which increased its seats by six to a total of 89, cast doubt on the view that France is shifting to the left.

There is a warning there for sure, but we can't say that the president has been rebutted. It is going to be difficult to pull it off according to the lawmaker and spokesman for the party.

We have to learn how to make the parliament work better, and we have to negotiate on a case by case basis on the reform agenda. Lescure said that they would need to find people who could support them.

After protests and the outbreak of the coronaviruses, the plan to reform the pension system was pushed back. This is a priority forMacron in his second term, but it will be difficult to get it passed.

Holger Schmieding, chief Europe economist at Berenberg, said in a note Monday that an increase in the retirement age from 62 to 64 or 65 years will be harder to implement without a majority of his own.

He said that the legislation will probably be passed on a case-by-case basis.

The parliament will most likely not reverse his signature reforms, which have helped to turn France into a better place to invest and create jobs.