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Free AccessNFP Struggles On PM Name As Macron Prepares To Accept Gov't Resignation
President Emmanuel Macron is set to convene a meeting of the Council of Ministers at 1130CET (0530ET, 1030BST) where he could accept the resignation of PM Gabriel Attal and his gov't. It would not see an immediate replacement, but Attal and his cabinet would remain in place in a caretaker position until at least the conclusion of the games of the XXXIII Olympiad on 11 August.
- Le Monde: "There is no legal text that specifically defines what a resigning government can or cannot do, and its ministers have in principle much more limited power than a fully-fledged government. However, they remain temporarily in office to ensure the continuity of the State, its services..."
- Le Figaro: "In concrete terms, under this [caretaker] regime, the executive has very limited room for maneuver: it cannot present a bill, change regulations or initiate measures with a financial impact."
- The appointment of a new gov't could take some time, with the left-wing New Popular Front (NFP) unable to agree on a candidate to put forward for the position of PM. The latest potential nominee, environmental economist Laurence Tubiana, had the backing of three of the four main NFP parties (Socialists, Ecologists, Communists) but was opposed by the leftist La France Insoumise (LFI), which called Tubiana's nomination 'unserious'.
- Significant cracks are being exposed in the NFP, with five deputies elected for LFI already stating they will sit with the Ecologists once the National Assembly opens on 18 July. A split could see the more moderate parties align with those from Macron's centrist Ensemble bloc.
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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.