Emmanuel Macron is taking a twofold risk

Emmanuel Macron had no choice: French household purchasing power had to be increased, and it was better to do this by increasing the fiscal deficit than by raising wages. The twofold risk is then as follows: the increase in the French fiscal deficit will lead to a more restrictive fiscal policy in the future (it is then a simple transfer of income over time) if: The first risk, real interest rates rise; The second risk, the reforms are unable to boost the low potential growth in France.