With the exception of the service sector, there is a noticeable economic slowdown even if on a global stage a recession remains unlikely. The rise of populist and protectionist trends in our developed economies remind us that in addition to geopolitical risks, the growth of inequality resulting from low wage inflation and failures in our income redistribution systems is a powerful destabilisation factor. In France, the "yellow vest" crisis has highlighted the limits of the "Macron effect", as the President seems to enjoy more support from economic sectors and foreign investors than from the French population. This will undoubtedly impact the planned schedule of reforms.