French Political Crisis: PM Sebastien Lecornu Resigns After His Cabinet Appointment, What’s Going On?

French Prime Minister Sebastien Lecornu, in an unforeseen circumstance, resigned on Monday, just 14 hours after launching his new cabinet. This marks a dramatic escalation in France’s current political crisis, which has strengthened since President Emmanuel Macron’s re-election in 2022. Lecornu’s swift resignation extends instability of the Macron Government at this point of time.

French PM Sebastien Lecornu Resign: Political Instability Strikes Again

Lecornu was recently appointed as a Prime Minister, just a month ago. He was France’s fifth prime minister in two consecutive years. His cabinet was revealed on Sunday following weeks of consultations with several political factions. Both associates and opponents criticized the cabinet, with some of them considering it too right-wing while others sensed it didn’t lean conservative enough.

This dissatisfaction pinpoints the wider issue of political shattering in France, where there is no majority for any of the party in parliament.

The resignation of Lecornu came just hours after his cabinet was planned to meet for the first time, parting the government in disarray. Macron, who expected for stability, now faces growing tensions for new elections.

Economic Fallout due to the resignation of French PM Sebastien Lecornu

Due to global uncertainties, the ambiguity in political ecosystem is also having substantial economic consequences. French market has responded, therefore, stocks plummeted. Banking shares were mostly affected, with major banks like BNP Paribas and Credit Agricole losing up to their value. These variations in financial market, reflects worries over the continued political instability in the country.

Also Read: France Faces Political Crossroads: Macron Selects Defence Chief Sebastien Lecornu As Prime Minister