Paris She has worked for major international banks, as an economic advisor at the Élysée Palace and most recently as chief economist at the Organization for Economic Cooperation and Development (OECD). Laurence Boone is now Minister of State in Emmanuel Macron’s new government and responsible for European affairs.
The French President is setting an example with this change: in view of inflation and energy shortages, as well as amid growing doubts about national debt in the euro zone, a proven economic expert is to coordinate the country’s European policy.
Boone has been in office since last week. Her first trip abroad took her to Berlin, where on Friday she met, among others, her colleague Anna Lührmann from the Greens, Minister of State for Europe at the Federal Foreign Office. Both women are also responsible for Franco-German relations – and for Boone these are the key to the great challenges facing Europe.
The 53-year-old French woman then talks mainly about the war in Ukraine and the consequences, especially for the European economy. “I think there is one thing where we in Berlin and Paris really agree: to implement the energy transition and to guarantee our energy security, even if that will be a difficult path,” she told the Handelsblatt.
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However, Germany and France do not always pull together when it comes to energy, and the differences are particularly large when it comes to the future use of nuclear power. Macron has announced plans to build at least six nuclear reactors.
“European solidarity” in the energy crisis
And Thierry Breton, the French EU Commissioner in Brussels, recently warned the German government that it was in “Europe’s general interest” that Germany let its last nuclear reactors run a little longer.
Franco-German relations as the key to the great challenges.
(Photo: IMAGO/photothek)
Boone has already fully embraced her new role as a diplomat on this difficult topic: In conversation, she tries to emphasize the commonalities instead of the points of conflict. France and Germany have a “common vision” on energy and climate protection issues.
In both countries there is “concern about possible difficulties with the energy supply next winter”, which must be countered in the spirit of “European solidarity”. In addition, it is well known: “We each have strengths and weaknesses in the field of low-carbon energy. We need to find points of agreement.”
At the height of the euro debt crisis ten years ago, the economist spoke out in favor of Greece remaining in the currency union. She is critical of overly rigid budgetary policies. In the pandemic, “mistakes” were not repeated and the crisis was fought with “more spending-friendly” policies, she said.
Savoir vivre
115
percent
of the gross domestic product is the debt ratio of France.
However, the Corona aid packages have pushed up debt levels in Europe. In the fight against inflation, many countries are once again digging deep into their coffers. The development of public finances in the south of the euro zone and the situation in France, which is indebted at almost 115 percent of GDP, are raising concerns that the monetary union could again run into difficulties.
>> Read here: France’s risks – the economy is growing, but the debt even faster
“As far as the current situation is concerned, it is right to strike a balance between necessary support measures and medium-term debt sustainability,” Boone said. Paris aims to reform EU debt rules. Boone keeps a low profile on the subject: it is clear that there is a “great disparity in budgetary situations” in the euro countries.
France and Germany would now have to work together with the EU Commission and other European bodies to find a solution. With her profile, however, Boone is predestined to play an important role in future negotiations with Berlin on restructuring debt policy in Europe.
Laurence Boone has made a career for global financial players
Boone said that she has “always maintained very good relations with Germany”. She established an important part of her network in the neighboring country between 2014 and 2016 when she worked as an economic advisor for the socialist President François Hollande. In this post, she was the direct successor to Macron, who was then promoted to Minister for Economic Affairs. “Ever since I got my first job, I’ve always been involved with European issues,” says Boone.
“I learned German at school, but speak very little. However, I intend to get back to it with my team.” Laurence Boone, France’s Minister of State for European Affairs
In her work in the private financial sector, in the Élysée and at the OECD, she often traveled to Frankfurt am Main and Berlin. Boone only wants to improve her language skills. “I learned German at school, but speak very little,” she said. “However, I intend to get back to it with my team.”
When Boone talks about her relationship with Europe, she likes to mention that she is one of the first generation to benefit from the Erasmus student exchange program. As a young woman, she went to a country that is no longer part of the EU: Great Britain. Boone has a PhD from London Business School and her previous employers include global financial players such as Barclays, Bank of America Merrill Lynch and Axa.
“It’s good that there is someone in the post of Europe Minister who has also gained experience outside of politics,” says Éric-André Martin from the Paris think tank Institut français des relations Internationales (Ifri). However, the challenge for the political novice will be “that she finds her place in the new government in the very competitive field of European politics and asserts herself there”.
Boone’s direct superior, Secretary of State Catherine Colonna, is considered very ambitious in terms of European policy. The Élysée Palace and the finance and economy ministries led by Bruno Le Maire are also very careful to determine the lines of France’s EU positions.
More: Between inflation and debt: France puts together billions in package to strengthen purchasing power