Maud Descamps edited by Wassila Belhacine 10:16 a.m., May 06, 2022

The union of the left is taking shape for the legislative elections.

Jean-Luc Mélenchon, leader of rebellious France and initiator of the union, carries a program of rupture.

In terms of the economy, he notably promotes the nationalization of companies such as Engie or EDF.

But can he really apply his program?

Europe 1 takes stock. 

On the left, the union widened thanks to the rallying of the Socialist Party (PS).

If this gathering shakes the presidential majority, it also promises a paradigm shift on the economic level with the return of nationalizations.

Indeed, Jean-Luc Mélenchon promises to renationalise certain key sectors of the economy.

In addition to airports and highways, it will also take control of companies like Engie and EDF.

But can he really enforce his wishes?

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The failure of Credit Lyonnais 

If we take the example of Engie, the state would have to pay around 20 billion euros to nationalize the company.

With regard to the motorways already owned by the State, the check would still amount to 45 billion euros to buy the operating contracts granted to private companies such as Vinci or APD.

Banks could also be affected by this wave of nationalizations.

For the economist Sylvain Singer, history shows that nationalizations have not always been a success.

"The idea of ​​those who defend the nationalization of banks is to say that the State will manage the banks more prudently and avoid crises and excesses, for example, as we experienced during the subprime crisis. But it is an argument which is questionable since we have had examples of nationalized banks like Crédit Lyonnais which experienced a serious crisis in the early 90s”, he analyzes at the microphone of Europe 1.

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The nationalization of highways, an absurd idea?

And for the experts, it seems difficult to know if a company which would fall into the bosom of the State would be better managed or more successful.

The State can indeed consider that, even if the company is loss-making, it still fulfills all these social or public service objectives.