French President Emmanuel Macron has vowed to remain in office until the end of his term in 2027 and is in the process of naming a new prime minister after the resignation of Michel Barnier. Macron blamed the far right for bringing down Barnier’s government through a historic no-confidence vote. He also acknowledged his own responsibility in the political chaos and announced plans to pass a budget law and enable the state to levy taxes by January 1 to avoid a shutdown. The new government will prepare a budget law for 2025 to support various sectors like the military and police.
Macron faces pressure to act swiftly in appointing a new prime minister who can lead a minority government. Calls for Macron’s resignation have emerged from opposition leaders, while concerns about economic uncertainty loom due to the government downfall potentially pushing up French interest rates. Moody’s warned of worsened public finances due to the political gridlock.
A planned protest by teachers against education budget cuts in Paris also took on a political tone, with demonstrators linking their demands to the ongoing crisis. Some expressed little hope that Macron’s next appointee would reverse course on public service dismantling. Despite the challenges, Macron remains focused on overcoming the crisis and moving forward with necessary reforms to stabilize the country’s political and economic situation.
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