France’s newly appointed Prime Minister Sebastien Lecornu resigned on Monday, barely 14 hours after announcing his Cabinet, after facing threats from both allies and opponents to topple his government. The unexpected move deepened France’s political crisis and sent French stocks and the euro sharply lower.
Lecornu, a close ally of President Emmanuel Macron, had appointed his ministers on Sunday, with the first Cabinet meeting scheduled for Monday afternoon. However, the line-up angered political opponents and allies alike, who criticised it as either too right-wing or insufficiently so, raising questions about its viability in a fragmented parliament.
“Mr Sebastien Lecornu has submitted the resignation of his Government to the President of the Republic, who has accepted it,” the Elysee Palace said.
The far-right National Rally immediately called for a snap parliamentary election, with leader Jordan Bardella stating that stability cannot return without new polls and the dissolution of the National Assembly. Lecornu was Macron’s fifth prime minister in two years, reflecting growing instability since the president’s re-election in 2022 amid a fragmented parliamentary landscape.
The resignation rattled markets. Paris’ CAC 40 fell 1.5 per cent, the worst-performing index in Europe, with banking shares under pressure as BNP Paribas, Societe Generale and Credit Agricole dropped between 4 per cent and 5 per cent. The euro declined 0.7 per cent to US$1.1665.
The political turbulence adds to uncertainty over France’s governance, with no single party holding a majority in parliament following last year’s snap election.
Reuters
