Overview

• President Emmanuel Macron gave the recently resigned Sébastien Lecornu until Wednesday evening to present options after consulting all blocs.
• Lecornu reported a shared willingness across parties to pass a budget by year-end and moved to court the Socialists, with the far-left LFI not taking part.
• He signaled a deficit goal around 4.7% to 5% of GDP for 2026, implying fewer cuts than those sought by ousted predecessor François Bayrou.
• If no compromise materializes, dissolution of the National Assembly and snap elections remain likely, with Le Canard enchaîné reporting officials were told to prepare for votes on 16 and 23 November.
• Economic strains are mounting as OFCE estimates up to €15 billion in costs from the protracted crisis, Fitch has downgraded France’s rating, and ECB chief Christine Lagarde urged timely budget submission.