Macron keeps folding to the yellow vest protesters — but it might not be enough

French President Emmanuel Macron announced a string of emergency economic giveaways Monday in the hope of ending the monthlong yellow vest protests.

In a 13-minute televised speech, the beleaguered 40-year-old French leader declared a “state of economic and social emergency” and acknowledged the “deep, and in many ways legitimate” anger of the protesters whose violent demonstrations have created a major crisis for his government.

Macron also delivered a mea culpa to demonstrators who felt their economic plight had been ignored by his pro-business presidency.

“I may have given you the impression that this was not my concern, that I had other priorities. I take my share of responsibility. I know I have hurt some of you with my words,” said Macron, a former investment banker seen by many of the protesters as an aloof member of the elite.

In response to the protesters’ rage at rising living costs, Macron laid out a series of measures aimed at boosting consumers’ purchasing power, to kick in from Jan. 1.

These include increasing the minimum wage by 100 euros a month at no cost to employers, removing taxes on overtime payments, and scrapping a tax on pensions under 2,000 euros a month, while requesting employers give workers a tax-free bonus at the end of the year.

But Macron said he would not reinstate a tax on the wealthy that he'd scrapped — one of the central demands of the yellow vests.

READ: Macron is finally taking action to stop the “yellow vest” protesters

The key question now is whether Macron’s concessions will be enough to avert a so-called “Act V”, a repeat on Saturday of the violent protests that have roiled Paris and other major cities in recent weeks.

Macron has previously made concessions to the protesters — announcing last week he had scrapped tax hikes on fuel, another core demand of the protesters — but that failed to quell the unrest.

The sprawling yellow vests movement has no formal leadership structure and was unable to make a unified response to Macron’s concessions. But initial indications from yellow vests spokespeople were that they were underwhelmed.

Jeremy Clément, one representative for the movement, said the proposals were “crumbs,” although like many other yellow vests he saw them as a “start.”

“We can’t be content with a 100 euros rise [in minimum wage],” he said. Many other yellow vest activists vowed to keep up their roadblocks, and on Tuesday, large student strikes continued across the country.

Meanwhile, Jean-Luc Mélenchon, leader of the far-left France Insoumise party, called for a repeat of protests on Saturday. He said Macron’s measures did nothing for the unemployed, students, part-timers and other groups.

“Faced with the indignation of the people at inequality, and the refusal of some to contribute like the others, he thinks that a distribution of money can calm the citizen insurrection,” Mélenchon said, adding that he thought next Saturday would be a day of “great mobilization.”

More than 136,000 people across France took part in Saturday’s “Act IV” demonstrations, which resulted in more than 1,700 arrests and more than 260 people being injured.

Cover image: A screen grab of President Macron's speech broadcast on France 24.