Was it enough for France’s minority government to clear the first hurdle of a trigger-happy, hostile parliament that can call a vote of no confidence at any time? Reappointed Prime Minister Sébastien Lecornu is offering a suspension of Emmanuel Macron's flagship reform – the raising of the retirement age. We’ll review the general policy speech of a Lecornu who, this time at least, made it to the National Assembly. Last week, his initial coalition government imploded spectacularly after just 14 hours.

 

Lecornu may be willing to bend – but what about his boss? Throughout one and a half terms in power, Emmanuel Macron has rarely been one for compromise … until now. The French president knows that a snap election would only further shrink his support in parliament.

Markets may be unsettled by France’s spiralling public spending – but not as much as by the prospect of prolonged political paralysis or a populist surge. On that front, Macron is not alone in refusing to compromise. Just look at a splintered political landscape that stretches from the far right to the hard left. What does that say about the times we live in?

Can Macron compromise? What should we make of his cabinet and Lecornu’s speech?

We’ll need two pie charts of the National Assembly: one showing the blocs in simple terms, and another highlighting the Socialists. A suspension may be a concession – with Sébastien Lecornu offering to freeze the retirement age reform that Emmanuel Macron forced through parliament in 2023 over the objections of trade unions and public opinion.

In May 2024, Macron’s decision to dissolve parliament backfired. His centrist bloc lost seats, the far right made historic gains, and the left united in an electoral alliance. That alliance has since unravelled, but the current makeup of parliament means that the Socialists, with their 69 seats, and the conservatives, Les Républicains, with 50, now find themselves as potential kingmakers.

This time, under the leadership of Bruno Retailleau – a conservative with presidential ambitions – Lecornu has assembled a cabinet with fewer political heavyweights.

Will the Socialists implode if they choose to compromise? What will the French accept in the name of reducing the deficit? What counts as politically acceptable?

As for the far right’s Marine Le Pen – the National Rally leader staged a theatrical walkout during the parliamentary speech that followed the Prime Minister’s, this time during remarks by conservative Laurent Wauquiez. Le Pen’s party remains firm in its stance from last week, when she was not invited to the consultations at the Élysée Palace.

Produced by François Picard, Rebecca Gnignati, Jean-Vincent Russo, Lila Paulou, Ilayda Habip and Charles Wente.