His resignation came just hours after he named the ministers for his future government. Lecornu had promised a “break” with the previous governments of Macron, but announced a cabinet of continuity, prompting the withdrawal of right-wing allies. The resignation of Macron's third prime minister in barely a year exacerbates the political crisis engulfing France. A crisis that hampers the approval of a budget aimed at reducing the country's enormous fiscal deficit (5,8% of GDP) and stemming the growth of public debt, which has reached 113% of GDP. Lecornu's resignation has caused falls in the Paris Stock Exchange, which, at press time, is down 2%. Furthermore, the yield on the French 10-year bond has soared to 3,58%, and the risk premium stands at 89 points, its highest since 2024.
Source: CESCE
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