Overview

• Sébastien Lecornu quit as prime minister saying conditions were not met, Macron accepted the resignation and tasked him to seek a “platform of action and stability” within 48 hours, and Lecornu signaled he does not wish to be reappointed.
• Lecornu summoned all parties to Matignon for talks today and tomorrow, Marine Le Pen and Jordan Bardella declined the invitation, and LR leader Bruno Retailleau said he is open to a form of cohabitation provided his party is not diluted.
• The collapse followed a revolt by Les Républicains over a cabinet seen as a copy of the last one and the surprise return of Bruno Le Maire to the Defense post, which triggered strong backlash inside LR.
• Opposition leaders escalated demands, with the Rassemblement National urging dissolution and snap legislative elections, La France Insoumise pressing for the president’s destitution, and ex‑PM Édouard Philippe urging an early presidential election announcement after a 2026 budget is adopted.
• Financial markets fell on the turmoil, with Paris’s CAC 40 down about 1.75% and major banks sliding, and analysts now consider on‑time approval of the 2026 budget unlikely, increasing the odds of temporary funding measures.