If it can form a government, the Nouveau Front Populaire coalition of France's left-wing parties promises, for the first fortnight, the repeal of President Emmanuel Macron's contested pension reform, higher salaries for civil servants, and a raise of the minimum wage. These moves would be followed by laws on education, health, public services, the environment and housing.

All in all, the planned policies would amount to €100 billion in additional public spending by the end of 2025 and €150 billion by 2027, two-thirds of which are intended to improve household budgets.

To demonstrate its commitment amid budgetary constraints, the left's policy platform promises to implement a €150 billion tax revenue plan, which is intended to be massively redistributive, targeting very high incomes and large corporations.

What do economists have to say about this platform? Julia Cagé, who worked on designing the policies, anticipates a massive stimulus effect through the provision of public services and the reduction of inequalities. Conversely, chief economist of Oddo bank Bruno Cavalier predicts a scenario akin to "Venezuela without the oil" if all the measures come into effect. There are varying viewpoints on the impact, largely dependent on the methods chosen to apply. Let's take a look at the program's three flagship measures, the ones that have set the debate alight and will be pivotal in forging potential alliances.

The measure: "As soon as it comes to power, the Nouveau Front Populaire will repeal the decrees implementing [Macron's 2023] pension reform. During the legislature, [it] will organize a major conference with the social partners to collectively determine the conditions for returning the retirement age to 60 and the number of years of contribution required."

Every word counts. As economist Michaël Zemmour, one of the program's inspirers, said in a interview with Nouvel Obs on June 27: "Retirement at 60 is not programmed by the NFP, but appears as a political objective." That changes everything. Xavier Timbeau, director of the French Economic Observatory (OFCE), believes that the budgetary cost depends on many parameters, the most important of which is the length of contribution – the number of years of work. "If we increase the contribution period to 45 years, instead of the current 42, with a gradual transition to 44, we could even save money compared to the current situation, while allowing long-career workers to leave as soon as they have all their quarters," he said. The door remains open to the social partners, even if they have never been able to reach an agreement on the subject.

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