MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

IFO disappoints

MNI: GERMANY JUL IFO BUSINESS CLIMATE INDEX 87

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Rejection Of NFP PM Candidate Hints At Further Political Paralysis

FRANCE
Credit BulletsHomepagemarkets-real-timeCreditPolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsPolitical Market News

President Emmanuel Macron's rejection of hitherto low-profile civil servant Lucie Castets for the position of prime minister could prove a harbinger of things to come, with little sign of how the current impasse in France's political situation comes to an end. On 22 July, Castets, the director of financing and purchasing for the city of Paris, was put forward as PM candidate by the leftist New Popular Front (NFP, which emerged from the legislative election as the largest bloc in the National Assembly.

  • Macron rejected Castets' candidacy out of hand, saying in a televised interview that "Until mid-August, we're in no position to change things, because it would create disorder," When asked about the NFP's proposal, Macron said that "This is not the issue. The name is not the issue. The issue is: Which majority can emerge at the assembly?", adding that he would appoint a PM who could command "the broadest backing possible."
  • Focus will turn to the end of the Olympic Games on 11 August as the point at which a new gov't will loom. However, there is little to suggest that the stalemate evident at present will change by mid-August (a time when French politics is usually in the middle of its summer break).
  • The stalemate between Macron/Ensemble and the NFP shows little sign of being resolved. With PM Gabriel Attal having officially resigned, this could set the stage for a Mario Draghi-style technocratic gov't - a scenario that France is not accustomed to in comparison to Italy - risking further political paralysis.
255 words

To read the full story

Close

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.

President Emmanuel Macron's rejection of hitherto low-profile civil servant Lucie Castets for the position of prime minister could prove a harbinger of things to come, with little sign of how the current impasse in France's political situation comes to an end. On 22 July, Castets, the director of financing and purchasing for the city of Paris, was put forward as PM candidate by the leftist New Popular Front (NFP, which emerged from the legislative election as the largest bloc in the National Assembly.

  • Macron rejected Castets' candidacy out of hand, saying in a televised interview that "Until mid-August, we're in no position to change things, because it would create disorder," When asked about the NFP's proposal, Macron said that "This is not the issue. The name is not the issue. The issue is: Which majority can emerge at the assembly?", adding that he would appoint a PM who could command "the broadest backing possible."
  • Focus will turn to the end of the Olympic Games on 11 August as the point at which a new gov't will loom. However, there is little to suggest that the stalemate evident at present will change by mid-August (a time when French politics is usually in the middle of its summer break).
  • The stalemate between Macron/Ensemble and the NFP shows little sign of being resolved. With PM Gabriel Attal having officially resigned, this could set the stage for a Mario Draghi-style technocratic gov't - a scenario that France is not accustomed to in comparison to Italy - risking further political paralysis.