Overview

• Two weeks before the vote, multiple opposition parties rejected Bayrou’s late bid for talks on his €44 billion austerity plan—including freezes to pensions and benefits, spending caps and the loss of two public holidays—and reiterated they will vote no on 8 September.
• Macron voiced full support for Bayrou and has ruled out calling snap elections for now, though he could appoint another prime minister if the government falls.
• Unions and protest organisers are rallying for nationwide demonstrations and a general strike on 10 September to “block everything” in response to the cuts.
• Financial stress intensified as the France–Germany spread widened above 80 basis points, 10‑year yields hovered near 3.5 percent, 30‑year near 4.4 percent, and major bank shares fell in recent days.
• Macron hosted Germany’s Chancellor Friedrich Merz at Fort de Brégançon ahead of a pared‑down ministerial council in Toulon on Friday, with cooperation talks proceeding despite France’s political uncertainty.