French Prime Minister Sebastien Lecornu has resigned, just a month into his term. His decision to step down followed unsuccessful attempts to present a budget and resolve political deadlocks. The Paris Stock Exchange reacted with a 1.7 percent drop immediately after his resignation.
Lecornu’s resignation occurred within hours of the cabinet being formed. Furthermore, opposition parties had initiated a no-confidence vote against Lecornu in parliament, which he couldn’t overcome.
Reportedly, a cabinet meeting was planned after the cabinet was set up, but Lecornu resigned before it could take place. It is understood that he anticipated a lack of parliamentary support. He chose to resign to avoid potential embarrassment.
Approximately one month earlier, Macron had appointed Lecornu as Prime Minister, but opposition parties opposed the appointment. Lecornu’s position was challenged primarily due to two factors.
1. In the 2024 general elections, no single party obtained a majority. President Macron, nevertheless, appointed individuals closely aligned with him to the Prime Minister’s position. France Bayrou was initially given the PM’s role. Macron was accused of overstepping constitutional boundaries for his associates. Bayrou did not stay in office for long. Lecornu was subsequently chosen, but he also failed to secure the support of the House.
2. France is grappling with a difficult economic situation. The government’s debt burden is increasing. Protests are ongoing, with people demanding solutions. The government proposed budget cuts, which sparked significant public opposition. Passing this budget in the House of Representatives was considered unachievable. The budget did not pass during Bayrou’s tenure, and Lecornu found himself struggling with the issue.