He now departs the role after just 27 days, making him the country’s shortest-serving prime minister with little to show for his time in office.<\/p>\n
Budget blow<\/p>\n A former defense minister and longtime ally of French President Emmanuel Macron, Lecornu ultimately failed to unite a fractious and divided parliament enough to even hope to get a 2026 budget over the line.<\/p>\n With the prospect of a state budget being passed now in doubt, French markets reacted strongly to the news.<\/p>\n The yield on the 30-year government bond, or OAT, hit a one-month high of 4.441%\u00a0before retreating slightly. The yield on the benchmark 10-year bond rose to a 10-day high of 3.5990%. While France’s CAC 40<\/a> index slumped 1.6% and the\u00a0euro fell 0.7% against the dollar.<\/p>\n Lecornu was installed in early September<\/a> against a backdrop of public unrest and dissatisfaction over the messy state of French affairs<\/a>, after several successive governments failed to pass budgets detailing spending cuts and tax rises.<\/p>\n The country needs to close a budget deficit of 5.8% in 2024, and address a significant debt pile that amounted to 113% of GDP in 2024. Both levels are far above EU rules demanding that individual members’ deficits should not exceed 3% of GDP, while their public debt should not surpass 60% of economic output.<\/p>\n France suffered a ratings downgrade by Fitch last month, with Moodys widely expected to follow suit at the end of October<\/a>.<\/p>\n Will Macron resign?<\/p>\n Lecornu’s departure, while a surprise, comes as analysts said he and his minority government were likely to face a no-confidence motion brought by political rivals who have sought concessions from recent successive governments over the budget according to their respective (and opposing) ideological fiscal positions.<\/p>\n Political parties on both the left and right on Monday were scathing about Lecornu, Macron and the ongoing political chaos being overseen by the center-right.<\/p>\n The right-wing National Rally posted on social media platform X<\/a> that “Macronism is dead on its feet,” saying the president had to choose to “dissolve parliament or resign, and quickly!”<\/p>\n
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