PARIS: France’s new Prime Minister (PM) Sebastien Lecornu and his government resigned on Monday, hours after Lecornu announced his cabinet line-up, in a major deepening of France’s political crisis that drove stocks and the euro sharply lower.
The swift, unexpected resignation came after allies and foes alike threatened to topple the new government.
This has plunged France into a deeper political crisis. The resignation was given just hours after the Prime Minister had unveiled his new cabinet. Lecornu, a close ally of President Macron became the shortest serving Prime Minister (27 days) since the Fifth republic began.
His resignation comes amid an extended period of political stalemate following snap elections in 2024, which left no party with an absolute majority in parliament.
He was the fifth Prime Minister in two years. He announced a cabinet on Sunday which received huge backlash from across the political spectrum.
This was due to the cabinet having 10 members who were Macron’s loyalists. The cabinet appointments were criticized by both left and right because it did not reflect the promised change in direction.
The leader of republicans and the interior minister Bruno Retailleau, publicly criticized the appointments. Similarly, the President of far-right National Rally Jordan Bardella, cautioned the government that they would face a vote of no confidence if significant changes are not made.
Bardella also accused Macron of controlling the cabinet appointments. The left was equally loud with the criticisms. The spokesperson for Socialist Party Arthur Delaporte, accused the government of raising the banner of Macronism and forcing the country into chaos.
One of the most controversial appointments was of the former Finance Minister Bruno Le Maire as defense minister.
During his tenure as finance minister the national deficit had significantly increased. His previous poor performance raised questions over the rationale for his appointment. The markets have responded negatively due to this crisis.
The Paris stock exchange dropped 1.7% during opening on Monday.
