Marine Le Pen Appeals to the Business Community in France's First Presidential Debate
During a debate organized by France's largest business lobby, MEDEF, candidates engaged in fierce arguments as they defended their economic programs in the face of the country's high debt burden and budget deficit.
In the first debate held ahead of France's upcoming presidential election, far-right leader Marine Le Pen sought to win the trust of business representatives by promising to fix public finances and pay off national debts.
Le Pen Pledges to Cut Public Spending
In the first major debate held ahead of France's presidential election in April, far-right leader Marine Le Pen sought to address the concerns of the business community. Le Pen committed that, if she comes to power, she will radically cut public spending to repair the country's deteriorating financial structure and repay national debts.
The event, organized by the MEDEF business lobby, witnessed fierce mutual accusations on issues such as debt management and pension reform after an initial warm greeting among the candidates. Le Pen announced that she will share all the details of her economic program with the public in the coming weeks.
Tension Over Debt and Budget Among Candidates
While left-wing candidate Jean-Luc Melenchon proposed writing off part of France's debt and removing all subsidies given to companies, center-right former Prime Minister Edouard Philippe deemed this proposal dangerous and argued that the French must work longer.
During the debate, center-left candidate Raphael Glucksmann criticized Le Pen's immigration policies, stating that reducing immigration would not solve budget problems. Le Pen, meanwhile, clashed with center-right candidate and former Prime Minister Gabriel Attal regarding debt management.
Business Community's Future Anxiety and Market Reaction
A poll conducted by OpinionWay for MEDEF prior to the election revealed that 82 percent of business owners are pessimistic about the economic policies of the future president. Due to political uncertainties and budget discussions, French stocks also dropped to their lowest level in a month.
The minority government led by Prime Minister Sebastien Lecornu is required to set the 2027 budget deficit target in the coming weeks and submit the prepared bill to parliament by October 6.