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The “Bercy fortress” – the name of the massive building that houses the economy and finance ministry in Paris – is about to burst. New French Prime Minister Michel Barnier decided to divide it in two. Bruno Le Maire, powerful number two in the previous government, will be succeeded by two young members of President Emmanuel Macron’s party without much notoriety or political clout, but with experience of parliamentary life.
Antoine Armand, 33, becomes minister of the economy, finance and industry, only ninth in line. Laurent Saint-Martin, 39, in charge of the budget and public accounts, inherits the most delicate mission of the moment. He has to put together a budget for 2025, and halt the drift of public finances. However, beyond the significant reorganization, the choice of the new duo heralds a great deal of political stability. The liberal economic line defended since 2017 is unlikely to change.
The change in Bercy’s territory – the subject of negotiations right up to the last minute – is officially justified by a concern for efficiency. Over the years, Le Maire had become simultaneously responsible for the economy, finance, industry, digital, energy, tourism and foreign trade, and was supported by no fewer than four junior ministers.
Continuity
During the campaign for the snap elections, far-right Rassemblement National party president, Jordan Bardella, said he would split up Bercy in the same way should he become prime minister, in order to “reinforce political control over the administration”. Separating the minister for the economy, who is called upon to support companies or sectors, from the one who watches over the public purse, could also limit certain expenses.
Following right-wing leader Laurent Wauquiez’s refusal to succeed Le Maire, the splitting of Bercy between two political lightweights should above all prevent Barnier from coming up against a super-minister. This is all the more important given that energy-related issues will fall to Agnès Pannier-Runacher, the new minister for ecological transition and energy. And Saint-Martin reports directly to Matignon. With his chief of staff Jérôme Fournel, who until now led Le Maire’s office, the prime minister will have direct control over the crucial subject of the budget.
Between two ministers with more restricted perimeters, the only risk is of course that the duo turns into a duel, as was the case between Pierre Moscovici (economy and finance) and Arnaud Montebourg (productive recovery) between 2012 and 2014.
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