French PM Sebastien Lecornu resigns after just 27 days
What's the story
French President Emmanuel Macron has accepted the resignation of Prime Minister Sebastien Lecornu, who stepped down after just 27 days in office. The Elysee Palace confirmed the resignation on Monday morning. Lecornu's departure comes after he had announced his cabinet appointments only on Sunday, with the new government scheduled to meet for the first time later on Monday.
Political turmoil
Lecornu's cabinet appointments criticized
Lecornu's cabinet appointments had drawn criticism from both allies and opponents, with some saying it was too right-wing and others arguing it wasn't right-wing enough, raising questions on how long it could last amidst France's political crisis. In his resignation speech at Matignon Palace, Lecornu said all political parties acted as if they had their own parliamentary majority. "I was ready to compromise, but each political party wanted the other political party to adopt its entire program," he said.
Election pressure
Lecornu's resignation intensifies calls for new elections
Lecornu's resignation has intensified calls for new elections. Jean-Luc Melenchon of the far-left France Unbowed called for President Macron's impeachment, while the far-right National Rally demanded another snap election or Macron's resignation. National Rally leader Jordan Bardella said, "There can be no return to stability without a return to the polls and the dissolution of the national assembly."
Market reaction
Resignation impacts financial markets in France
The sudden resignation of Lecornu has also impacted the financial markets in France. French banks led a sell-off, with Société Générale falling over 6% on the CAC 40 index after the announcement. BNP Paribas and Credit Agricole stocks also fell sharply. The euro weakened against both sterling and the dollar, while French government borrowing costs rose to levels not seen since last month's political stalemate.