The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
President Emmanuel Macron made history in the French legislative elections, just not in the way he hoped.
The 44-year-old centrist became the first president in decades to fail to garner an absolute majority in parliament, falling short of the 289-seat threshold. His alliance, however, will still remain the largest bloc.
That means that while Macron may be able to keep control of the executive branch, he will have a hard time passing legislation, putting much of his agenda in peril — including plans to increase the retirement age and deliver tax reforms.
“This situation is a risk for our country given the challenges we are facing both nationally and internationally,†Prime Minister Elisabeth Borne said. “The right compromises must be built to act for France.â€
Macron’s alliance won 245 seats. The second-largest group in parliament is Nupes.