What does President Emmanuel Macron mean for Brexit?
Macron has defined Brexit as a crime that will leave UK facing servitude
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The campaign for the French presidency revealed a stark fault line on Europe. The openly pro-European Emmanuel Macron called for the EU to be strengthened while the staunchly anti-EU Marine Le Pen promised a referendum on Frexit. Victory for the former therefore raises interesting questions about what his stance will be on negotiating the UK’s exit from the union.
British headlines after the first round of voting portrayed Macron as bad news for Brexit. The Daily Telegraph described him as “the standard-bearer for open borders and the liberal global economic order” while the Guardian and the Financial Times both suggested he would drive a hard bargain in Brexit talks.
Macron believes in a strong France within a strong EU and is very keen to rekindle a Franco-German engine that has been stuttering for many years. He also wants to make the eurozone stronger, with specific proposals to establish a eurozone budget along with a parliament and a finance minister.
The new president has made no secret of his deep distaste for Brexit, defining it as a crime that will leave the UK facing servitude. He has repeatedly stressed the integrity of the EU’s four freedoms and insisted the UK should not be allowed to pick and choose from the menu. He is also very sceptical about future trading arrangements, based on the premise that “the best trade agreement for Britain is called membership of the EU”. His hard stance was all too clear when he explained that the UK could only hope for a Canadian-style agreement, which of course excludes many sectors. The financial sector in particular, so important for Britain, is heading for a rude awakening as he rejects any possibility of financial passporting rights.