Philippe Aghion, a French economist who’s advised Emmanuel Macron on his economic program, is joining a growing chorus calling for the president to hit the pause button on his pension reform in the face of rising anger on the streets.
(Bloomberg) — Philippe Aghion, a French economist who’s advised Emmanuel Macron on his economic program, is joining a growing chorus calling for the president to hit the pause button on his pension reform in the face of rising anger on the streets.
“I’m in favor of putting the reform on hold — that would clear the air,” Aghion said in an interview. “We need to take some time to reset the country.”
Aghion, a professor at the prestigious College de France, has been a driving force behind Macron’s project to overhaul pensions and make the country a more global economy while reining in public finances. While he backs the content of the pension reform, which includes postponing the minimum retirement age from 62 to 64, he also says the situation has become untenable.
French unions are holding a 10th day of nationwide protests Tuesday to try to force Macron to stop the unpopular reform, with rising concerns over mounting violence, and labor groups blaming the government for creating an explosive situation.
Aghion would like to see Macron’s government accept the proposal of the leader of the moderate CFDT union, Laurent Berger, who offered the president a way out this week by proposing to delay the reform to hold further talks.
Macron has shown no sign of backing down. His strategy is to ride out the demonstrations, although he’s agreed to meet with union representatives after France’s Constitutional Council has reviewed the legislation.
“Letting things rot is not a good strategy,” Aghion said. “If the country ends up in a bloody battlefield, you can’t get anything done anymore, there’s no consensus possible. There are other burning topics to tackle: education, health, youth, climate change, work conditions.”
Aghion also said that likening the supporters to those who stormed the US Capitol on January 2021, as Macron did last week in a TV interview, amounts to “playing with fire.”
“Macron needs to back off a little bit,” he said. “It’s like in chess: Sometimes you need to sacrifice a piece to move forward.”
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