Francis Bayrou
Earlier today, Macron named Francis Bayrou as President in a move that he hopes will allow the country to find some middle ground on a budget.
“Everyone appreciates the difficulty of the task and I think also that everyone thinks there is a path to be found that unites rather than divides people,” Bayrou told reporters after the announcement. “Reconciliation is necessary.”
Le Pen said Bayrou must work with her party to pass a budget but other parties indicated some leeway in order to quickly pass a 2025 budget ahead of what’s likely to be a summer election. If not, there could be a spending shutdown on Jan 1.
Barnier had aimed to lower the budget deficit to 5% from 6.1% this year but that’s likely to be scaled back.
The euro has largely moved beyond the French drama but remains near the worst levels of the year at 1.0490. It’s up slightly today after falling for five straight days.