The situation differs from December 2018, when Emmanuel Macron announced, during a televised address, ten billion euros to calm the anger of the yellow vests. The head of state then had an absolute majority in Parliament. A major day of national interprofessional mobilization, at the call of the inter-union group, is being held on Thursday, November 5, after weeks of blockades in high schools and universities and several demonstrations, notably at the initiative of the yellow vests.
The executive is seeking to achieve 43 billion euros in savings, in order to keep the deficit at 5% of GDP next year, while interest rates on the debt are at their highest in twenty years. After a decline in GDP in the first quarter and stagnation in the second, growth fell again by 0.1% in the third.
For Sébastien Lecornu's government, this day looks high-risk. The executive is being called upon to respond to a deep social crisis, while youth organizations continue their blockade operations.
Debates on the finance bill are taking place in a National Assembly still without a majority. The left is demanding higher taxes on large fortunes, notably via the Zucman tax, or on large companies; the executive refuses.
On the sharp rise in fuel prices linked to the war in the Middle East, the government says it has proceeded with destocking of strategic reserves. The Prime Minister on Monday welcomed"15 cents less per liter of diesel in 48 hours."Nearly 30% of stations have lowered their prices by at least 20 cents. With 10 million barrels of diesel put on the market over three months, this decline should continue, according to an executive adviser.