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France
December 11, 2018

In a 13-minute address to France on Monday evening, an unusually contrite President Emmanuel Macron laid out some new "strong measures" to address the "economic and social emergency" gripping the country, exposed by four weekends of "yellow vest" protests. Macron said his government would pay for a 100 euro monthly raise in the minimum, eliminate taxes on overtime pay in 2019, cut an "unjust" tax on small pensions, and ask profitable companies to give workers a tax-free bonus this month. He also said he would travel France to begin a dialogue with mayors, regional civil leaders, trade unions, and other stakeholders in France's success. He did not pledge to reinstate a special tax on the richest French citizens.

It is unclear if Macron's concessions, following his scrapping of a planned fuel tax, will defuse the yellow vest protests. Protest leaders said they would continue taking to the streets, but some analysts said they expect the movement to fizzle as Christmas approaches. It's also unclear how France will pay for the proposals, estimated to cost $9 billion to $13 billion. As notable as Macron's fiscal proposals, however, was his uncharacteristically soft tone. "I take my share of responsibility" for the anger roiling France, Macron said. "I might have hurt people with my words." Peter Weber

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