Is it the impact of Trump and the insolent performance of the American economy? The fear of equally exacerbated competition from China? The warnings about Europe's technological decoupling and increasing norms and regulations, highlighted in reports by former Italian prime minister Enrico Letta and former European Central Bank president Mario Draghi? Is the political crisis in France clouding entrepreneurs' outlook? It's been a long time since the CEOs of the CAC 40 stock index have expressed so much concern and uninhibited anger – as if echoing their German peers, who gathered in Berlin on Wednesday, January 29.

For many bosses, President Emmanuel Macron's business-friendly policy, launched in 2017, ended with the dissolution of the Assemblée Nationale in June 2024 and the waltz of prime ministers. After the "Macron years" marked by support for the supply side, which reduced taxation, maintained aid to businesses, relaxed labor laws and improved the country's attractiveness, here they are, rebelling. They are trying to extract concessions on taxation and relaxation of standards.

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