French Presidential Candidates Clash Over Debt at MEDEF Conference

Seven candidates for the French presidency participated in their first face-to-face confrontation on Thursday during the annual conference of the MEDEF business federation. The event, which was televised, focused on strategies to address France's swelling debt and rising budget deficit ahead of the first-round election on April 18 and the runoff on May 2.

Candidates offered starkly different economic paths. Far-left candidate Jean-Luc Mélenchon proposed negotiating the cancellation or freezing of bonds held by the European Central Bank. Former Prime Minister Edouard Philippe countered that such a move would be extremely dangerous and could cut France off from essential financing. Meanwhile, far-right leader Marine Le Pen advocated for shrinking the state and cutting immigration to save 125 billion euros, while simultaneously proposing a pension reform that would allow retirement at age 60.

MEDEF President Patrick Martin characterized the current economic climate as an economic emergency, citing slowing growth, rising unemployment, and inflation fueled by the war in Iran. The debate occurred against a backdrop of widespread executive pessimism, with a survey indicating that 82% of business leaders doubt the economic policies of the next president.