Frejus, France: French President Emmanuel Macron Appoints New Prime Minister, François Bayrou
French President Emmanuel Macron has named François Bayrou as his new prime minister, a move that comes as the country continues to navigate a period of political uncertainty following the toppling of Michel Barnier’s government last week. Bayrou, a 73-year-old veteran politician, will be expected to form a new government in the coming weeks.
Bayrou, who has led the center-right Democratic Movement since 2007, is a longtime ally of Macron and is expected to face the challenge of bringing together various factions to pass a budget. He has warned of a “long road” ahead, but also expressed his determination to bring about unity, stating, “Everyone understands the difficulty of the task. Everyone says to themselves that there is a path to find that brings together the people instead of dividing them.”
The appointment follows a period of political tumult, marked by an inconclusive legislative election this summer and widespread divisions over the French deficit. Macron had initially intended to announce a successor to Barnier just a day after his departure, but the decision was delayed until this week, reflecting the extent of the country’s political stalemate.
The incoming prime minister will face intense pressure to form a government that can pass a budget, with the left and right expected to push for their respective agendas. Marine Le Pen, leader of the far-right National Rally, urged Bayrou to listen to the opposition in order to construct a “reasonable and thoughtful budget.” Jordan Bardella, leader of the National Rally, reiterated the party’s “red lines” on issues such as pensions, medication reimbursements, and EU budget contributions.
The incoming prime minister will also have to navigate the country’s fiscal challenges, with the budget deficit predicted to hit 6.1% of GDP in 2024 and expected to rise further if measures are not taken to rein in spending. Investors are looking cautiously at France, with the yield on France’s benchmark 10-year government bond rising slightly following the announcement.
