A French businessman told CNBC Tuesday that while President Emmanuel Macron's reforms are courageous, the pace of these reforms may need to slow down to transform the country.
Speaking to CNBC at the World Economic Forum (WEF) in Davos, Publicis chairman Maurice Levy said: "What President Macron has done has been extremely courageous and he has made a lot of reforms which clearly are not unanimously well-received."
Saturday marked the tenth consecutive weekend of demonstrations against the French government by the "gilet jaunes," or "yellow vests," an uprising named after the high-visibility jackets protesters wear. The protests started in mid-November over higher fuel taxes, which were then scrapped.
"The gilet jaunes, the yellow jackets, are an expression of what we call 'ras-le-bol' (or) 'I'm fed up.' … My understanding is that (Macron) is determined to change, he is determined to transform the country and he will take more into consideration the need of the middle-class and the lower-middle-class and clearly, that class has suffered," Levy added.