France’s crisis strains the Eurozone, says analyst

Dr. Emmanuelle Schön-Quinlivan, senior lecturer in European Politics at University College Cork, said far-right parties are gaining ground in the European Parliament through groups such as Hungarian Prime Minister Viktor Orbán’s Patriotes for Europe and Italian Prime Minister Giorgia Meloni’s European Conservatives and Reformists (ECR).

In France, Euroscepticism has spread across the political spectrum as Marine Le Pen’s National Rally has abandoned calls to quit the eurozone but continues to push for re-nationalisation and selective compliance with EU rules.

Even moderate conservatives are echoing these positions. “This represents a significant danger for the EU at a time when it is trying to strengthen the single market and remain competitive with China and the United States,” Schön-Quinlivan told AWANI International.

However, immigration remains a divisive debate. The EU’s Migration and Asylum Pact has tightened border policies, a move human rights groups call unfair and inhumane. But Schön-Quinlivan said the shift reflects the significant influence of the far-right parties in the EU.

France has historically been pushing for common EU debt to fund defense, green transition and innovation. On September 12, Fitch Ratings downgraded France’s credit rating from A+ to AA-, citing fiscal risks.

The country’s debt has surged by €1 trillion in just three years and now stands at nearly 114% of GDP. “France is borrowing on the markets at nearly the same rates as Italy, which would have been unheard of a few years ago,” Schön-Quinlivan said.

“The IMF isn’t at our door yet, but the issue is who is willing to pay?” While speculation about President Emmanuel Macron’s resignation is unlikely to materialise, Schön-Quinlivan warned that domestic instability could severely constrain EU decision-making and weaken its geopolitical posture.