France’s newly appointed Prime Minister, Sebastian Lecorne, resigned on Monday, merely 14 hours after unveiling a new cabinet amidst threats from both allies and opponents to dismantle the government, leading to a dip in French stocks.
This resignation was quite sudden and marked a significant development in France’s ongoing political turmoil.
The far-right National Rally has urged President Emmanuel Macron to promptly initiate a parliamentary election.
Following extensive discussions within his party, Lecorne, a close ally of Macron, appointed new ministers on Sunday and intended to hold their first meeting on Monday afternoon.
However, the cabinet appointments sparked discontent among both adversaries and allies. Some deemed the right-wing stance too extreme, while others felt it wasn’t enough, raising concerns during a time when France was already grappling with a fragmented parliament and a lack of majority support.
Lecorne tendered his resignation to Macron on Monday morning.
“Sebastian Lecorne has submitted his resignation to the President of the Republic, who has accepted it,” reported Elicie’s journalists.
Since Macron’s re-election in 2022, French politics have become increasingly volatile, largely due to the fragmentation among political parties in parliament.
The decision to call for snap elections last year intensified the crisis, resulting in a more divided parliament. Lecorne, who took office only last month, became Macron’s fifth prime minister in two years.
“Without an election or the dissolution of Parliament, there’s no pathway to stability,” stated Jordan Bardella, leader of the National Group, following Lecorne’s resignation.
The Paris CAC 40 index fell by 1.5% after Lecorne’s resignation, marking the worst performance in Europe. Bank stocks suffered significant losses, with BNP Paribas, Société Générale, and Crédit Agricole dropping by 4% to 5%.
The Euro also experienced a decline, sliding 0.7% to $1.1665 on the day.
