French voters go to the polls Sunday -- yet again -- and this time their verdict will decide just how much power rookie president Emmanuel Macron is going to have.
Macron already pulled off an improbable victory to become head of state last month -- the 39-year-old technocrat had never run for office and built a political movement from scratch in just a year. But under the French system he’ll only be able to enact his plans to ease restrictions on firing workers and simplify taxes if he also has control of the National Assembly.
The president is only powerful if he’s backed by the National Assembly. While the constitution puts certain military and foreign policy powers solely in the hands of the president, only parliament can pass laws, authorize spending, and approve the prime minister.
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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