This morning: two questions of economic policy quickly put to Emmanuel Macron.

Everyone sees it: the economic landscape has turned from green to grey, with unprecedented inflation and staggering growth. In a moment, the Governor of the Banque de France will give his diagnosis and discuss the European monetary response. But at the French level, yes, there are two questions. The first is to know how and to what extent purchasing power should be supported. A lot has been put in place since the fall: freezing of gas and electricity prices, rebates on fuel, checks for this or for that. The problem is that if what was temporary is extended, it will cost tens of billions of euros. The question posed to Emmanuel Macron is whether to cut back and reserve aid for those who really need it. Let’s be concrete: a motorist who, to work, travels 50 km per day from Monday to Friday, saw his diesel bill increase, between April 2021 and April 2022, by 30 euros per month. It’s not nothing, but (let’s be a bit provocative) it does not put tens of millions of French people out of business. Too often, the political and media debate considers that almost all French people live below the poverty line. But will the president have the guts to target his aides so that whatever it takes doesn’t become the new normal? And second question? It concerns pensions. If his outgoing majority wins, Emmanuel Macron will be able to consider that he really has the legitimacy to act. But in a tense international, economic and political landscape, is it on this subject, pensions, that he will have to use his political capital most quickly? Is it not primarily on education, full employment, health or the climate, which are more decisive for the future, that there are also difficult decisions to be made? It’s a real question. Political capital often runs out quite quickly. If he absolutely wants to reform pensions (which is likely), he will have to convince 1-that the financial need is real or that the need for France to work more is real: these needs are real but the candidate does not have been very clear about its objectives so far, and simply saying that the objective is to reassure Brussels, the Germans or the planet Mars would be totally counterproductive; And 2- he will have to convince that his reform will not be hard only for employees who started working around 20 years old. To go there or not and if so how and with what lever (legal age, or contribution period), this will be the heaviest decision at the start of his term of office.