Macron's Monumental Challenge

The French presidents popularity is sagging just as Europe needs him most

Jupiter is finding out how hard it is to make lightning strike twice. Emmanuel Macron’s victory in last year’s French presidential race reverberated around the world, as he defied the rising tide of nationalism to strike a blow for Europe. In the afterglow of success, the political prodigy likened himself to the Roman king of the gods—shooting lightning down from the Elysée Palace to impress mortals with his majesty. But lately his powers are faltering. With jockeying for next year’s European elections under way, he aims to show the magic hasn’t gone for good.

The 40-year-old president promised voters he would transform their economic fortunes by cutting taxes, tackling problems at money-losing state-owned giants, and giving companies a freer hand in negotiations with unions. While he’s managed to steamroll opposition to push much of that agenda through, the last few months have seen a string of setbacks, defeats, and gaffes.

Economic growth has slowed, unemployment has barely budged, and France’s nationalist forces have revived. The public opposes reforms at home, while Macron’s plans to bring the 19 European countries that share the euro currency closer together have floundered. And for all his bonhomie with Donald Trump, he failed to persuade the U.S. president to stick with the Iran nuclear agreement or to spare Europe from steel and aluminum tariffs.

Perhaps worst of all, a breach has opened between Macron and voters: In the second year of his presidency, he’s more unpopular than his hapless predecessor, François Hollande. “His first 15 months were beyond a honeymoon, he didn’t have any opposition to speak of,” says Enrico Letta, the former prime minister of Italy, who advises Macron on his reform plans. “What we’re seeing now is a return to reality.”