The proposals made by the new French President will be good for France, says the former president of the European Commission; however, he will have to work hard to achieve those reforms.
This Monday, Durão Barroso commended Emmanuel Macron’s victory in the French elections as “extremely important”, since “France is the most central country of the EU”. The Goldman Sachs adviser stated, however, that Macron has “more than 50 percent chance” of achieving reform agenda in France, although he will have to work hard in order to be successful.
In the conference organized by Financial Times in Lisbon — FT Business of Luxury –, the former EC president highlighted the importance of the French elections for the strengthening of the European Union. “Without France we simply cannot have the European Union”, Durão Barroso stated, quoted by Bloomberg.
"Of course he will not do everything, but if he does 50-60 percent it will be positive for France’s sustained growth.”
Highlighting Emmanuel Macron’s reforms in the labor market and the French economy would be very positive for the country, Durão Barroso stated the President had more than 50% chance of being able to implement them, although he needs to do it quickly. “If he procrastinates he will not succeed”, stated Barroso, adding: “Of course he will not do everything, but if he does 50-60 percent it will be positive for France’s sustained growth”.
Brexit was a costly mistake
Durão Barroso took the opportunity to comment on Brexit, which he considers to be a mistake for the UK and Europe and for which we will “pay a high price”. Goldman Sachs adviser believes London will continue being one of the most important financial centers in the world, adding it will be very difficult to negotiate some issues. “International banks will try to delocalize parts of their business in several European cities, not just one”, stated Barroso.
According to former EC president, there was also a trend for more nationalistic approach, “in the U.S., in China, in Japan”, which could pose a specific problem to Europe since it is an anti-European Union viewpoint.