{"text":[[{"start":9.8,"text":"The writer is a former French minister of state for Europe "}],[{"start":13.91,"text":"In the European parliament elections of 2014, France’s Socialist and conservative parties suffered losses and Marine Le Pen’s far-right forces made strong gains. "},{"start":22.989,"text":"She called for immediate national parliamentary elections but did not get them. "},{"start":27.119,"text":"Ten years later, it has been a different story — with uncertain consequences for France’s political stability and its economy. "}],[{"start":34.65,"text":"In early July, the National Assembly elections called by President Emmanuel Macron produced a legislature split into three blocs: a broad and internally divided leftist coalition, Macron’s centrists and the far right. "},{"start":46.867,"text":"Since then, the most powerful offices have been distributed in a way that is less than fully aligned with the results. "},{"start":52.884,"text":"The far right has no representatives in these posts. "},{"start":55.789,"text":"The far left has some, thanks to far-right votes. "},{"start":58.782,"text":"The centrist camp, despite being the biggest loser of the elections, has the largest representation. "}],[{"start":65.38,"text":"For various reasons, this is a dangerous game. "},{"start":68.65899999999999,"text":"Politically, it gives the impression that the 10mn people who voted for the far right are lower-class citizens. "},{"start":74.452,"text":"It fuels resentment at France’s democratic system, which does not work for all. "},{"start":78.782,"text":"In the short term, centrists, Socialists and mainstream conservatives could work together. "},{"start":83.824,"text":"But this must be a temporary arrangement, otherwise the only alternative to such moderate groups in future French elections will be the far right or far left. "},{"start":91.87899999999999,"text":"We can be sure that, if either gets into power, they will do to their opponents what has just been done to them: deny them influential positions in the legislature. "}],[{"start":100.31,"text":"Economically, these games could jeopardise all France’s recent progress, while failing to confront the need to raise productivity and control public expenditure. "},{"start":108.93900000000001,"text":"Over the past 10 years, a new business spirit has invigorated the country. "},{"start":113.20700000000001,"text":"Foreign direct investment has boomed. "},{"start":115.449,"text":"Firms have come in large numbers to the annual Davos-like event “Choose France” to promote their investment in France. "},{"start":121.242,"text":"Unemployment has fallen and purchasing power has been protected. "},{"start":124.647,"text":"Unlike in some other OECD countries, income inequalities have not increased. "},{"start":129.252,"text":"Most economic indicators have turned up, except for productivity and the public finances. "}],[{"start":135.26,"text":"The election campaign ignored these issues. "},{"start":137.977,"text":"Rather, parties, especially on the extremes, advocated higher taxes to finance even more spending and measures that would complicate doing business in France. "},{"start":146.594,"text":"To level off income inequalities, the same recipe came from the far left and far right: a higher minimum wage (when France already has one of the highest compared with the median wage), higher taxation on “the rich” (a vague notion), and a lower retirement age. "},{"start":160.274,"text":"Such measures would reverse 10 years of policies that made business in France more attractive and boosted employment. "}],[{"start":166.54,"text":"France’s real issues are elsewhere. "},{"start":169.019,"text":"They include the combination of high taxation with poor access to public services outside big cities. "},{"start":174.42399999999998,"text":"France has among the highest levels of redistribution, capping inequalities of income, but this hides deep regional inequalities. "},{"start":181.379,"text":"According to Yann Algan, a professor at HEC Paris business school, 60 per cent of “angry French” are critical of the high level of taxes, while many complain about less accessible public services. "},{"start":191.822,"text":"This is understandable. "}],[{"start":194.34,"text":"Even though the country has some of the OECD’s highest tax-to-GDP and public spending-to-GDP ratios, many outside big cities struggle to access health services, endure poor transport facilities and grapple with a deteriorating education system. "},{"start":208.394,"text":"These regional imbalances are fuelling anger. "},{"start":211.012,"text":"Rising educational inequality, between those who know how to access quality schooling and those who do not or cannot, raise parental fears for their children’s future. "},{"start":219.154,"text":"Most of the middle class feel the heavy weight of taxes and are worried about slipping down the social ladder. "},{"start":224.284,"text":"There is a narrow margin between the “upper middle class”, who earn over €4,000 a month, and the lower level. "}],[{"start":231.4,"text":"France’s low productivity and strained public finances cannot be solved by reversing the pro-business policies of the past decade. "},{"start":238.679,"text":"Political polarisation cannot be solved by creating a new polarity between “the extremes” and the “republican centre”. "},{"start":244.609,"text":"The productivity issue demands better education and freedom of entrepreneurship, to allow agility in the working space. "},{"start":250.78900000000002,"text":"The public finances problem demands spending restraint, starting with social expenditure, which amounts to 32 per cent of GDP. "},{"start":258.257,"text":"The political impasse demands moving away from a single centrist party, as soon as the 2025 budget is approved. "},{"start":264.624,"text":"France needs a revived centre-left and a revived centre-right if it is to recreate alternatives to the extremes. "}],[{"start":null,"text":"