Reshuffle: Laurence Boone, from Barclays to Europe

Laurence Boone was to be appointed, Monday, July 4, Minister for Europe while, in a way, a European cycle is closing for Emmanuel Macron, the one opened by his speech from the Sorbonne in September 2017. Not that the ambitions of the President of the Republic have all succeeded, but the war in Ukraine has changed the situation. The departure of Clément Beaune, who had largely participated in the elaboration of this speech, is, in this respect, symbolic.

The objective of European sovereignty, desired by France, is today shared by a large part of its European partners. Of course, there are still differences in the way they can approach this subject, but no one among the Twenty-Seven disputes the need for greater autonomy.

Read the portrait: Article reserved for our subscribers Laurence Boone, economist without borders

Energy security, food security, Europe of defence, enlargement, new budgetary framework: these will be the priorities of Europeans in the coming weeks. From this point of view, the choice of a specialist in economic issues takes on a certain meaning. At 53, this familiar with circles of power has been chief economist and deputy secretary general of the Organization for Economic Cooperation and Development since 2018. Having worked for several major Anglo-Saxon banks (Barclays, Bank of America Merrill Lynch), she had joined the Elysée in June 2014, for two years, as an economic adviser, replacing Emmanuel Macron, who left for Bercy. “I have left-wing inclinations,” she declared to Le Monde at the time.

Defining the European political community

In his new functions, the question of gas should be at the top of the agenda. Today, a dozen Member States have already seen their gas supply cut off or reduced by Russia, on the grounds that the Nord Stream 1 pipeline is undergoing maintenance. On July 11, “we will know if these maintenance operations should last longer than expected or not,” quipped a diplomat. Should this be the case, Europeans will find themselves faced with a new crisis.

The Commission is preparing for the worst – that Putin will cut the gas – and should make proposals to this effect on July 20. The choice is difficult: either consumers and manufacturers will have to ration themselves – which means an outbreak of partial unemployment – ​​or the States will have to resolve to run their factories with something other than gas, that is to say say fuel oil or coal, and to delay their fight against global warming.

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