France is fortunate to be able to rely on a public sphere of exceptional quality: 

• Strategic state holdings in aerospace and defence, with Airbus, Dassault Aviation, Naval Group, Safran and Thales all reporting record order backlogs, as well as in energy, where EDF and Orano are benefiting from the revival of nuclear power.
• Public institutions such as the Banque de France and the Cour des comptes, which provide credible checks and balances by fulfilling their role as watchdogs and whistleblowers.
• Independent public and administrative authorities that regulate their respective sectors, including ARCOM, ART, ASNR and CRE. 

Yet this distinctly French public strength is vulnerable in two respects. 

First, several factors are working against it: 

• Political instability.
• Parliamentary chaos. 
• The deterioration of public finances.
• Budgetary uncertainty.
• High ministerial turnover, with five Transport Ministers and six Energy Ministers in four years.
• Excessive centralisation of decision-making power. 
• Delayed appointments. 
• A political leadership vacuum caused by the lame-duck atmosphere that has prevailed since the dissolution of the National Assembly.

Under such conditions, cacophony is never far from cacocracy – government by the worst. 

A symbol of this ineptitude can be seen in the promising start of BROMO, the European space industry alliance, contrasted with the setbacks of the FCAS, the European Future Combat Air System. The former came together at the initiative of committed European industrial players, whereas the latter was imposed by politicians without consultation with industry. 

The State is faltering and, to make matters worse, it has run out of money. It has become a disconnected State, stripped of its power. 

As for the public sphere, it is in a state of weightlessness, lacking visibility, stability and serenity. 

Second, an aggravating factor is the mounting impact of the political timetable leading up to the 2027 presidential election. 

Three examples illustrate this political collision: 

• The FCAS issue, pitting pro-European voices against sovereigntists.
• Renewable energy, increasingly shaped by political calculation.
• Public broadcasting, pilloried by a parliamentary committee of inquiry. 

This is no coincidence. Sovereignty, energy and public broadcasting have all become political battlegrounds and, as such, are subject to criticism and even controversy from the political class. 

Nature abhors a vacuum, which is why certain public-sector figures have stepped in to fill the void left by a declining political class. 

At a time when public discourse is being devalued and government authority is losing credibility, they speak the truth.

In today’s uncertain landscape, they provide direction. 

Amid the chaos of instant commentary, they help separate truth from falsehood. 

They have had the courage to step into the arena and take centre stage in order to enrich and elevate public debate. 

Through their prominence in public debate and their carefully cultivated public profile, the following have become influential economic voices: 

• Nicolas Dufourcq on deindustrialisation and social debt.
• Catherine MacGregor on the defence of renewable energy.
• François Villeroy de Galhau on the priority of financial discipline.
• Emmanuelle Wargon on explaining energy pricing to the general public. 

They have the clout, the authority and the know-how to keep the shareholder State on its toes. 

They occupy a unique and unprecedented place in the public landscape.

They are business leaders engaged in public life, in the political rather than the party-political sense.