| It’s been a week of political shocks for Poland and the Netherlands, where uneasy coalitions are being pulled apart in a time of Trumpian politics and weaker economic growth. In France, by contrast, things are looking relatively calm despite a clearly divided electorate. Which begs the question: Why is Emmanuel Macron’s administration considering changing how elections work? For several weeks, Prime Minister Francois Bayrou has been in talks with various political parties over a possible shift to proportional representation in the French parliament. The current system hands victory to a candidate who comes first with more than 50% of the vote, or to the winner of a runoff vote if that threshold isn’t reached. It’s a majoritarian system bound to the Fifth Republic’s focus on stability and governability. Proportional representation is more focused on equality and proportionally reflecting all votes cast, as seen in German elections.
If this is being debated now, it’s because of the obvious cracks and gridlock in a parliament where no party has a majority and an electorate that’s embracing extremes. Proportionality is often backed by smaller or anti-establishment parties that feel penalized by winner-take-all hurdles: Centrist Bayrou has long been an advocate and so has far-right leader Marine Le Pen. Similarly, UK Brexit figurehead Nigel Farage and rival Liberal Democrats have championed it. President Macron has also been open to incremental change in this direction, keen to reconnect voters to a republic that’s been criticized as too centralized and resistant to change.  Bloomberg Economics Still, as fun as it might be to dream of different ways to express one’s democratic vote, it’s also something that should be treated with extreme caution. Multiple simulations run by Bloomberg Intelligence’s Jean Dalbard using data from last year’s election found that a more proportional electoral system would do little to resolve the current political gridlock. Neither the far-left LFI nor the far-right RN would come close to securing a majority of seats under any scenario. However, a fully proportional lower chamber and proportional representation at the local level would significantly boost RN’s seat share. Consensus could become more, not less, elusive. Moreover, getting a political system to effectively replace itself will require yet more horse-trading and compromises that could irritate everybody and satisfy nobody. The far-right RN and far-left LFI will want the kind of proportional model that benefits their own parties, at odds with Bayrou’s vision. And some parties are outright against it, from the center-right Republicains to the centrist alliance Horizons under Edouard Philippe. With political instability percolating and France under pressure to find billions in budget savings, this is not a good time for experiments. Bank of France Governor Francois Villeroy de Galhau said that the euro zone could declare “victory against inflation” even as economic growth is hurt by rising US tariffs. France and Spain are among several European countries teaming up on a new initiative to help funnel more savings into the continent’s economy. TotalEnergies was accused in a French court of greenwashing by misleading consumers about its climate goals in ads after it rebranded and changed its name from Total. The company said its strategy is in line with its plans to cut emissions.
Macron was urged by his Brazilian counterpart Luiz Inacio Lula de Silva to “open your heart” and accept the Mercosur trade deal.  Lula, Brazil's president, left, and Macron, in Paris, on June 5, 2025. Photographer: Nathan Laine/Bloomberg Remy Cointreau SA withdrew its long-term sales guidance, blaming tariff policies in America and China and a stunted recovery in the US market. Adult content platform Aylo blocked access for French users to protest new age verification requirements in the country. France will temporarily suspend a program of grants for home renovations as it is overwhelmed by demand and attempted fraud. Monday: Five-day UN Ocean Conference starts in Nice Tuesday: Bank of France Governor Villeroy, TotalEnergies CEO Pouyanne, French Finance Minister Lombard speak at Europlace conference Wednesday: Four-day VivaTech summit starts in Paris, with keynote speech from Nvidia CEO Huang Friday: French final May inflation; Paris Air Forum 2025 Sotheby’s will soon auction the original Hermès Birkin bag that once belonged to the late singer Jane Birkin, one of the most coveted designs in the fashion industry.  Jane Birkin's original Birkin bag. Photographer: Ela Lefvre | 
