The end of French president Emmanuel Macron's second term is beginning to look like a slow death.
With six months left in his term, the head of state has no political capital left, no majority in the National Assembly, and no financial resources left to calm public anger.
Since 2017, Emmanuel Macron has weathered nothing but crises: a social crisis first, the Yellow Vest movement, followed by the global Covid health pandemic, rolling into an international crisis, the war in Ukraine. Each time, the man who has been described over the years as "the president of crises" has managed to regain control and emerge from these periods.
However, in 2026, the social crisis has been added to an international crisis, and the French president has no solutions left.
Between the Bond Market and the Barricades
France is currently experiencing its most serious period of civil unrest in years. What began as a student movement demanding more resources for schools turned into ultraviolent demonstrations over the weekend.
Images of looting, clashes with the police, and public buildings set ablaze have been broadcast worldwide. "As we watched these images, we all asked ourselves, what is going through their minds? How can French people do this to France?" Emmanuel Macron said in a televised speech on Sunday evening, echoing the sense of shock that has swept the country.
Elysee Palace, October 18, 2026
The images immediately sparked controversy over the authorities' crowd-control measures. On the TV channel France 2 on Monday, Justice Minister Gerald Darmanin acknowledged that the authorities had "unquestionably failed" to contain the violence, notably pointing to "a failure in intelligence gathering."
Above all, the government no longer has the ability to respond to public anger. The government is now trapped "between the bond market and the barricades," as one of our Bloomberg colleagues put it on Monday.
Indeed, France has run a deficit of more than 5% for four years and is now in the eye of the storm in financial markets. Interest rates are approaching 5%, and the spread against Germany has reached levels not seen since the eurozone crisis in 2011.
It is therefore impossible to respond to protesters' demands for more funds for schools, or for measures to address the cost-of-living crisis.
Shooting Gallery
Already severely weakened at home, Emmanuel Macron has also lost considerable credibility abroad.
The president of the Republic had long benefited from a positive image overseas, thanks to his activism on the international stage, his pro-European vision, and his stated determination to reform France.
Brussels, October 15, 2026
But since Saturday, the international press has savaged the occupant of the Elysee Palace. "The revolt has stripped the president of his last semblance of domestic political capital since his disastrous decision to call snap [legislative] elections" in June 2024, the Daily Telegraph writes.
Beyond the demonstrations' terrible impact on the country's image, the foreign press also sees them as a symbol of the failure of Emmanuel Macron's two terms in office. "The student protests, which spiraled into violent riots, have highlighted the fact that nearly 10 years of his presidency have failed to solve France's problems," the New York Times sums up.
The Evian Interlude
On Monday, the head of state flew to the Gulf for a diplomatic tour. After Kuwait and the United Arab Emirates, the president is in Bahrain today and tomorrow, followed by Qatar, with the aim of securing France's energy supplies.
A trip abroad in the midst of a crisis that inevitably drew reactions from opposition parties and observers.
The sequence recalls 2018, when images of the French president at the G20 summit in Argentina, amid Yellow Vest demonstrations, fueled accusations that he was out of touch.
In his speech on Sunday evening, Emmanuel Macron rightly pointed out that the origins of the current crisis lie in the Gulf. A tour of the region is therefore entirely justified. But the head of state must be able to demonstrate the results of this international activism.
Aware of his weakening position at home, and taking advantage of France's presidency of the G7, Emmanuel Macron went all in on international affairs this year.
Evian, June 17, 2026
The high point of the year, the Evian summit was presented by the Elysee Palace as a success. Hours before it opened, the United States and Iran announced an agreement intended to end hostilities and allow the Strait of Hormuz to reopen. The deal was signed by Donald Trump at Versailles.
The G7 also marked a major moment of convergence between Europeans and Americans. All the countries present supported Ukraine's territorial integrity, pledged to increase military support for Ukraine, and committed to strengthening sanctions against Russia.
But four months after Evian, what remains of it? The truce between the United States and Iran lasted only two weeks, and oil prices have exceeded $100 for weeks. Tensions over diesel supplies have exacerbated the situation and driven fuel prices to record levels.
Over the past 10 days, Donald Trump has once again made an about-turn on Ukraine. Between the diesel deal with Russia, his call for Volodymyr Zelensky to be replaced, and the slowdown of Starlink, Donald Trump is clearly leaning toward Russia. To such an extent that The Atlantic magazine says "America is now an ally of Russia."
