France's Premier Lecornu Steps Down After Less Than a 30-Day Period in Office

The nation's PM Sébastien Lecornu has stepped down, less than a day after his ministers was presented.

The French presidency issued a statement after the Prime Minister met President Emmanuel Macron for an 60-minute discussion on the start of the week.

This unexpected development comes only less than a month after Lecornu was named premier following the dissolution of the prior administration of François Bayrou.

Various groups in the legislature had fiercely criticised the makeup of the new government, which was largely unchanged to Bayrou's, and promised to block its approval.

Calls for Early Elections and Government Unrest

Several parties are now demanding a snap election, with others demanding the President to step down as well - although he has repeatedly stated he will not leave before his mandate concludes in five years from now.

"The President needs to choose: dissolution of parliament or resignation," said Chenu, one of key representatives of the National Rally.

The outgoing PM - the former armed forces minister and a supporter of Macron - was the fifth premier in under two years.

Context of Political Crisis

France's political landscape has been markedly turbulent since July 2024, when early legislative polls resulted in a deadlocked assembly.

This has created challenges for each PM to secure enough backing to pass any bills.

The former cabinet was voted down in September after lawmakers declined to support his spending cuts plan, which aimed to cut state costs by €44bn.

Economic Pressures and Stock Response

The French shortfall reached nearly 6% of the economy in the current year and its public debt is 114% of GDP.

That is the number three debt level in the eurozone after Greece and Italy, and amounting to almost 50,000 euros per person.

Share prices dropped in the Paris bourse after the news of Lecornu's resignation was released on Monday.