Addressing public anger that has spilled out onto the streets with the “yellow vest” or “gilets jaunes” protesters, French President Emmanuel Macron on Thursday took shelter in grand words and half-measures.

There is no question that decisive action is needed. France’s economy continues its lethargic growth. Although it fell below 3% in 2018, the French budget deficit is likely to rise again above the European Union target limit of 3% in 2019. And while Macron’s limited labor reforms have brought declining unemployment and youth unemployment rates, those levels remain twice as high as in the United States.