The first economic debate of the French presidential race took place at La REF 2026 (the annual summer forum hosted by the MEDEF business federation).

REF 2026: What to take away from the presidential race's first economic debate?

The first economic debate of the French presidential race took place at La REF 2026 (the annual summer forum hosted by the MEDEF business federation). Seven key candidates aiming to succeed President Emmanuel Macron clashed in front of 6,000 business leaders at Roland-Garros.

With the election less than eight months away, the high-stakes "oral exam" exposed distinct ideological rifts regarding France's mounting public debt, taxes, labor, and its relationship with the European Union.

1. Divergent Strategies on Public Debt and Spending

All candidates acknowledged that France is experiencing severe economic trouble, but their remedies polarized the audience:

• Marine Le Pen (Rassemblement National) pitched a €125 billion cost-cutting plan. She vowed to slash state expenditure and dramatically reduce France's €29 billion annual contribution to the EU by €5 billion.
• Jean-Luc Mélenchon (La France Insoumise) proposed a radical left-wing solution. He called on the European Central Bank to waive interest payments on its French bond holdings to alleviate debt pressure.
• Gabriel Attal (Renaissance) & Édouard Philippe (Horizons), both former Prime Ministers under Macron, focused on economic continuity, defending structural reforms while facing intense pushback from corporate leaders demanding less state regulation.

2. A Fragmented Vision for Europe

The debate revealed that the future of France's position within the EU is a primary ideological battleground.

• Disobedience vs. Compliance: Mélenchon stated that a left-wing government would "disobey" EU directives if they conflicted with French economic interests, demanding a fundamental rewrite of EU treaties. Meanwhile, Le Pen targetted the elimination of thousands of European bureaucratic norms.
• Industrial Protectionism: Center-right candidate Édouard Philippe focused heavily on the global stage. He warned that China's competitive advantage is severely crippling French industry, proposing strict quotas to force Chinese companies trading with France to manufacture goods on French soil.

3. Business Leaders are Losing Patience

Organized as a direct grilling by entrepreneurs, the event highlighted a growing confrontation between the political class and corporate France. Executives and business owners made it clear they will no longer tolerate vague promises. The MEDEF audience vocally demanded lower labor costs, deregulation, and tax relief, warning that continuous deficits are stifling corporate viability.

4. Centrist Weakness and Polarized Front-runners

The political backdrop of the debate underscored a fragile center. While centrist and moderate candidates struggled to project a unified front-runner—with internal polling rivalries keeping Attal and Philippe neck-and-neck—the loudest policy positions came from the political extremes. With current projections tracking a potential second-round runoff between Le Pen and Mélenchon, the debate cemented economics as the defining battleground that will either salvage the political center or hand the presidency to the fringes