PARIS (AP) — An ex-economy minister in France, who is an outspoken former investment banker, has announced his candidacy in next year's presidential election.

The 38-year-old Emmanuel Macron said he strongly believes that "France can succeed" if the country makes more reforms to compete internationally. He made the announcement in a speech Wednesday in the Paris suburb of Bobigny.

Macron this year started a moderate political movement called "En Marche!" (In Motion). He has never held elected office.

Macron pushed for pro-business policies as a minister of Socialist President Francois Hollande from 2014 to August 2016. He has especially encouraged startups and passed a law loosening labor rules.

His views prompted harsh criticism from many members of the Socialist Party who feel that he has betrayed left-wing ideals.