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FRANCE
Initial reactions from the extremes of the National Assembly to the appointment of Michel Barnier as prime minister suggest that the country's political system still faces choppy waters despite the end to 60 days of governmental paralysis.
- The far-right Rassemblement National (RN) has not immediately denounced Barnier, but support may not be forthcoming. Party leader Jordan Bardella stated that the RN will judge the Barnier gov'ts programme on its merits. Bardella: "We will plead for the major emergencies of the French, purchasing power, security, immigration, to finally be addressed, and we reserve all political means of action if this is not the case in the coming weeks"
- RN figurehead Marine Le Pen said that the party will not be part of any Barnier gov't, adding to Bardella's comments that it is 'vital to take into account concerns over immigration.'
- Jean-Luc Melenchon of the far-left La France Insoumise (LFI) was more abrupt, saying that the appointment of Barnier means there is 'practically a gov't of Macron along with Marine Le Pen'. Claims that the new PM 'shows that the result of the election has been stolen'. Goes on to call for mass street protests against the gov't on Saturday 7 September.
- Should the leftist New Popular Front within which LFI sits remain united in opposing a Barnier gov't, and RN also vote for a censure motion it would be enough to bring the administration down. However, abstentions from RN or moderate NFP parties could see Barnier remain in place.
Chart 1. National Assembly, NFP & RN Seats
Source: Le Monde, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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