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Jonathan Price – CRE & Flex Expert
What’s going on:Â Â
After weeks of deliberation, it was evident that French President Emmanuel Macron’s proposed pension reform — raising the retirement age to 64 — wouldn’t pass through the lower house of parliament. Â
To skirt around this, Macron employed executive fiat through Article 49.3, which enables the adoption of a law without a vote, according to Bloomberg. Â
Why it matters:Â Â
Macron made raising the minimum retirement age from 62 years a cornerstone of his second term, declaring it a necessity in light of the growing deficit due to the energy crisis and Covid-related spending. This sparked an immediate outcry from opposition lawmakers, who demanded a vote of no-confidence in the government.Â
How it’ll impact the future:Â Â
If President Macron were to lose a no-confidence vote, the pension bill would be revoked, resulting in the government having to step down. Â
However, for such a move to succeed, it would require the support of some conservative lawmakers. Despite this, polls have revealed that a majority of people anticipated the bill to pass.Â
If Macron is able to raise the retirement age, this might set a precedent for other countries.
