Macron says he will serve out his full presidential term

Macron says he will serve out his full presidential term

French President Emmanuel Macron has reiterated his commitment to serving out his full presidential term, despite the escalating political crisis in the country. Macron's announcement comes amidst a volatile political landscape, with a confidence vote scheduled for Prime Minister François Bayrou on September 8, and a far-right party sensing an opportunity to gain power in the 2027 presidential election.

The current political climate in France is marked by a series of challenges. Macron, now on his sixth prime minister since taking office in 2017, has been navigating a deadlocked parliament following last summer's snap polls, which were intended to bolster his authority but instead resulted in a divided legislature. The far-right National Rally party, led by Jordan Bardella, has been vocal in its desire for new parliamentary elections, while the left-wing Green leader Marine Tondelier has urged Macron to appoint a left-wing prime minister in line with the results of the snap polls [1].

Bayrou, who has been struggling to gain support for his plan to slash spending, has called a confidence vote in the hope of securing enough backing to implement his austerity measures. Macron has given his full support to Bayrou's initiative, but the main opposition parties have indicated they will not back the prime minister's plan [2].

Macron's commitment to completing his term is seen as a response to the political deadlock and the far-right's ambitions. The president has been weighing his options, including appointing a new prime minister, dissolving parliament again, or resigning. However, Macron has expressed his preference for avoiding another dissolution of the lower house, though he has not ruled out the possibility [2].

The political turmoil in France is also intertwined with the country's financial situation. France's public debt stands at 114 percent of GDP, the third highest in the eurozone behind Greece and Italy. The government's plan to control the public deficit and cut the sprawling debt has faced deep unpopularity, as seen in the proposed budget measures in mid-July [2].

In response to the political crisis, a broad anti-government campaign dubbed "Bloquons tout" ("Let's block everything") has urged the French to stage a nationwide shutdown on September 10. The campaign is backed by the left and aims to pressure the government into addressing the concerns of the populace [1].

Macron's stance on completing his term is a significant development in the ongoing political drama. As the country approaches the 2027 presidential election, investors and financial professionals will be closely watching the political developments and their potential impact on the French economy.

References:
[1] https://www.wfxg.com/news/macron-gives-full-support-to-embattled-pm-as-crisis-looms-in-france/article_1c95fc14-621c-5bfa-8ef0-350173e33f72.html
[2] https://www.wionews.com/world/macron-gives-full-support-to-embattled-french-pm-bayrou-ahead-of-confidence-vote-1756317464937/amp