Marine Le Pen, Jean-Luc Melenchon och ECB
Jean-Luc Melenchon
France, Europe’s No. 2 economy, troubles are feeding voters’ populist turn.
Political risk linked to the decent chance of the hard-right Marine Le Pen becoming president.
Melenchon’s polling a close second to Le Pen shows French voters are very much tempted by the idea of bailing themselves out to avoid confronting the country’s profligate social spending and pension outlays.
Nominal growth in gross domestic product falling off a cliff and bond yields climbing to their highest level since 2008.
Central bankers mustn’t confuse the inflation seen in America’s AI-boom economy with that of France and Germany, where yearly growth is expected at below 1%.
These will add to an already fearsome challenge for the ECB’s officials. Should they stick doggedly to their inflation-busting mandate, even if it nudges France ever closer to crisis and gives Melenchon’s brand of recklessness even broader support?
Bloomberg 8 September 2026
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