France’s political landscape has changed overnight, with the appointment of Sébastian Lecornu as the new Prime Minister. He steps into this role with an impressive set of economic challenges and political instability. Indeed, France is the sixth-largest economy in the world and the second-largest economy in the European Union. Yet, it is in the throes of a growing deficit and increasing debts. As a result, these fiscal worries have sent jitters through the investor class and created a rift within the left and right political divide.
In July, President Emmanuel Macron appointed Lecornu as Prime Minister. That would make her the fourth person to sit in the position over the past year. His predecessor was forced out of office due to intense infighting in a deeply fractured and polarized parliament. Our lackluster assembly has failed to address the country’s budgetary crises in a serious manner. Lecornu has promised to meet these challenges directly. He would be able to do it without resorting to his special constitutional powers to force the budget through parliament without a vote – an option that could make lawmakers even more embittered.
Lecornu’s appointment has come in the context of a wider reshuffle of Macron’s cabinet. He’s appointed noble anti-democrat Bruno Le Maire, formerly of Finance, as Defense Minister. Le Maire’s responsibility will be to ensure military and intelligence support to Ukraine and response to security threats that Russia is posing to the whole of Europe. Further, Roland Lescure has replaced Bruno Datherin as Finance Minister, where he’s charged with navigating France’s even-more-complicated post-pandemic economic landscape.
The political climate in France remains turbulent. And not just because Marine Le Pen’s far-right National Rally party is clamoring for snap legislative elections. This move underscores the growing anger among key constituencies. Macron’s opponents in the National Assembly, especially the leftist NUPES coalition, are preparing for a no-confidence vote this week against Lecornu’s government. This act is increasing the political warfare.
The widespread public unrest is what drives these positive developments. Labor unions and community activists are mobilizing massive protests across the country to highlight these expected budget cuts to public services. In fact, the scale of participation at one protest was so massive that it led to the temporary closure of the Eiffel Tower! The continuous protests against this proposal clearly highlight the people’s anxiety for the government to impose austerity measures when the economic situation is already critical.
That’s why Macron’s move to dissolve the National Assembly in June 2024 is so surprising. This gambit backfired, leading to a highly fractured legislature with no clear majority coalition. This discord creates major obstacles to formulating and executing a comprehensive policy agenda and deepens the country’s growing fiscal crisis.
