Emmanuel Macron's humiliation in last month's election could spell the end of his flagship pension reform.

Axar.az reports that the British "Telegraph" newspaper wrote about this in an article entitled "France's pension system is collapsing".

In the parliamentary elections held in France, the position of the far-left and far-right forces, hostile to the highly controversial policy of the President to raise the minimum retirement age from 62 to 64 by 2030, has strengthened. Citizens must work full-time for 43 years (currently 42 years) to receive a state pension.

Maxim Darme, Paris-based economist of "Allianz Trade" insurance company, believes these changes can damage the country between 10 billion and 60 billion euros. He said this would lead to a "huge fiscal gap" as France already needs 70 billion euros in savings to bring its budget deficit below 3 percent of GDP by 2027 - the maximum allowed under EU rules.