French President Emmanuel Macron is facing an unprecedented political crisis and mounting pressure to call snap elections or resign after the collapse of his latest government, which has left him increasingly isolated both internationally and at home.
The immediate trigger for the current escalation was the resignation of Prime Minister Sébastien Lecornu, whose government lasted a mere 14 hours, the shortest in the history of the French Fifth Republic. This marked the fifth prime minister to resign in less than two years, deepening a political deadlock that began with President Macron's failed gamble in the 2024 snap elections, which produced a hung parliament. Macron has given Lecornu a 48 hour mandate to conduct last-ditch negotiations with political parties, but the mission is seen as a long shot after weeks of failed talks.
Pressure on Macron has intensified dramatically as key former allies have publicly broken with him. Édouard Philippe, Macron's first prime minister, stated that "another 18 months is far too long and it is damaging France" and called for an early presidential election. Gabriel Attal, another former prime minister and previously a loyal lieutenant, expressed that he no longer understands the president's decisions. This internal rebellion underscores the president's dwindling authority, with nearly half of French voters blaming him directly for the ongoing crisis.
The prolonged political instability is taking a tangible toll. French stocks fell sharply, and the risk premium on French government bonds hit a nine-month high as investors grow nervous about the country's ability to address its budget deficit. The European Central Bank is monitoring the situation closely, hoping France will find a way to meet its international commitments. The crisis also risks diverting Macron's focus from pressing global issues, including the war in Ukraine and a shifting transatlantic relationship.
Opposition leaders are capitalizing on the chaos, though they offer divergent solutions. The far-right National Rally, which leads in opinion polls, is demanding Macron dissolve parliament and call new elections. In contrast, a coalition of left-wing parties is urging the president to finally appoint a prime minister from their camp, which won a plurality of seats in the 2024 election. With the parliament divided into three ideologically opposed blocs, none of the options before Macron promise a clear path out of the crisis.