Macron Vowed to Be Business Friendly. Now He Faces a Protectionist Uproar.
“Not nationalizing STX would have been too expensive for him in terms of popularity.”
In the case of STX, Mr. Macron’s government said its concerns went beyond jobs.
As one of his first major acts, Mr. Macron vowed to review an imminent takeover of the shipyard, STX France, by an Italian competitor.
Mr. Macron campaigned to make France more business friendly by luring foreign investment and easing regulatory complexities.
Despite declaring he would make France’s economy more liberal, Mr. Macron has shown a willingness to involve the state in industrial policy.
Mr. Macron sought to entice a savior by pressuring Renault
and Peugeot to also invest millions more in modernizing the plant, on a remote and polluted parcel of land in central France.
Meanwhile, he added, Mr. Macron’s interventions are “all political marketing.”
Mr. Macron’s poll ratings have slumped recently from near record highs as he prepares to push through steep budget cuts
and painful changes to French worker protections and labor laws.
