France’s newly appointed Prime Minister Sébastien Lecornu resigned Monday morning, just 14 hours after unveiling his cabinet, as both allies and opponents threatened to bring down his government. The abrupt move sent French stocks and the euro tumbling.
The unprecedented swift resignation marks a significant escalation in France’s ongoing political crisis. Lecornu, a close associate of President Emmanuel Macron, had appointed his ministers on Sunday following weeks of political consultations. The first scheduled cabinet meeting was set for Monday afternoon.
However, the new government lineup sparked backlash from various political quarters. Critics argued the cabinet was either too right-wing or not right-wing enough, raising doubts about its viability in an already fractured political landscape where no single party holds a majority.
The Elysée Palace confirmed Lecornu’s resignation was accepted by President Macron. «Mr. Sébastien Lecornu has submitted the resignation of his Government to the President of the Republic, who has accepted it», the presidential press office stated.
The political instability has been mounting since Macron’s re-election in 2022, exacerbated by last year’s snap parliamentary election that further fragmented the parliament. Lecornu became Macron’s fifth prime minister in just two years.
The far-right National Rally swiftly called for new parliamentary elections.
«There can be no return to stability without a return to the polls and the dissolution of the National Assembly», said party leader Jordan Bardella.
Financial markets reacted sharply to the news. The CAC 40 index plunged 1.5%, underperforming all other major European indices. Major French banks — BNP Paribas, Société Générale, and Crédit Agricole — saw their shares drop by 4–5%.
The political crisis continues to cast uncertainty over France’s governance as the country grapples with its most unstable political period in recent memory.
