De Facto Frexit?

Butterflies crossed an ocean.

---

1. The Wall Street Journal:

A measure of confidence compiled by France’s statistics agency fell to 89 in June from 90 in May, according to a survey released Wednesday, in which a reading of 100 represents the long-term average for consumer sentiment. Consumers reported worsening feelings for the quality of living in France in the months ahead, as well as for their own future savings’ prospects and willingness to make major purchases.

As in other parts of Europe, household confidence was shattered by Russia’s invasion of Ukraine early in 2022. But sentiment had been improving this year as price rises slowed and incomes began to increase again in real terms. More confident households tend to spend more freely, and a pickup in consumer spending supported growth in each of the last three quarters.

The fresh slide in confidence comes after President Emmanuel Macron earlier this month plunged France into political turmoil by dissolving the National Assembly and calling fresh elections for the legislature, in response to a heavy defeat for his party in elections for the European parliament. (Source: wsj.com)

---

2. Jean Quatremer:

During the legislative elections on June 30 and July 7, the citizens of France will not only choose a majority and a government, but they will also decide, without necessarily being aware of it, on France's membership in the European Union. Indeed, even if Marine Le Pen and Jordan Bardella no longer officially advocate leaving the Union and returning to the franc – often RN varies, although whoever trusts it – the implementation of their program will inevitably lead to a de facto Frexit.