Economy

As often for almost seven years, his possible departure has been mentioned. As often over the last seven years, he dreamed of being able to fly to Matignon, when others, within the majority, dreamed above all of seeing him go into exile far from the government. However, Bruno Le Maire once once more emerges reinforced by the reshuffle announced this Thursday, continuing to reign over a Bercy with prerogatives which should be further extended.

The record holder for longevity at the head of the Ministry of Economy and Finance with his six years and almost eight months without interruption – only Valéry Giscard d’Estaing has done better with almost nine years, but spread over two distinct periods at the start of the V^e Republic – will therefore make his magisterium as a great financier last a little longer.

Show of force

It remains second in the protocol order, still responsible for industrial and digital sovereignty. But he would also recover the energy portfolio, which until then benefited from a full ministry. The allocation decrees in the coming days should confirm this expanded scope, according to ministerial sources.

A few weeks ago, when the rumors of Elisabeth Borne’s departure from Matignon became more pressing once more, her name came up in the discussions to take over. Hope disappointed once more. In recent days, on the contrary, he said he felt good at Bercy and wanted to continue his task there.

Last Monday, he even allowed himself a small show of force during his wishes to economic players, already giving the impression of being renewed even before the appointment of Gabriel Attal and taking on the air of second Prime Minister next to the four ministers under his thumb at Bercy. “What we have accomplished is considerable, what we still have to accomplish is even more important,” he assured.

This renewal should please a large part of the business world. Certainly, his tendency towards interventionism can sometimes annoy certain big bosses. But many have not forgotten its effectiveness and pragmatism during the health crisis. Above all, this continuity is seen as a reassuring signal, at a time when employers are worried regarding a possible challenge to the supply-side policy led by Emmanuel Macron since 2017.

Fears regarding production taxes

“Today there is a tension between the need to straighten out public accounts, and not sending the wrong signals to economic players. Bruno Le Maire remains the man for the job in the face of this dilemma,” said Patrick Martin, the president of Medef.

During his speech on Monday, the Minister of the Economy took care to recall his commitment to continuing the reduction in production taxes, while employers fear that the end of the abolition of the CVAE (contribution to the value added businesses) is paying the price for the tense situation in public finances – the timetable has already been extended twice. The president of Medef also highlights “Bruno Le Maire’s close relationship with Germany, which is an asset at a time when crucial economic decisions will be taken with Berlin”.

12 billion savings

For the coming months, Bruno Le Maire, almost 55 years old, has already outlined the broad outlines of his action. In terms of new projects to be carried out, the field remains very limited for the moment, with only two initiatives (on the simplification of standards for businesses, and on the financial attractiveness of Paris) in the spring.

But the big financier should above all manage the preparation of the 2025 budget. “In terms of public finances, the hardest part is ahead of us,” he warned on Monday. In fact, the government has committed to finding at least 12 billion euros in savings. Undoubtedly leading to politically painful choices, particularly in social matters.