Is Emmanuel Macron reaching his Liz Truss moment when financial markets finally determine his future? On 20 March Moody’s ratings agency strode into France’s explosive pensions reform turmoil. While keeping France’s rating at Aa2 ‘stable’ it nevertheless warned that President Macron’s constitutional sleight of hand denying the National Assembly a vote on the bill risked undermining future macro-economic reforms for the four remaining years of his mandate.