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French Prime Minister Michel Barnier's outgoing administration will present a stopgap spending bill to the cabinet on Wednesday. This bill is essential for the country to operate without a formal 2025 budget starting January, allowing tax collection to continue and ensuring minimum state spending.
The Netherlands Finance Minister Eelco Heinen has called for the European Commission to apply the same strict standards to France as it did to the Dutch budget, emphasizing that spending cuts are essential for the benefit of Europe. Despite France's higher deficit and debt levels, the EU has historically granted it leniency, with its 2025 budget set to be formally adopted in January, binding future governments to its planned cuts.
France's budget deficit is projected to reach 6.2% of GDP in 2024, the second-largest in the EU, as the country faces fiscal challenges amid high pension costs and tax revenue shortfalls. Following the collapse of Prime Minister Michel Barnier's government, President Macron may appoint a new PM to navigate budget negotiations, but fiscal consolidation efforts are expected to slow. Despite rising debt spreads, the ECB remains cautious, as current market conditions do not warrant intervention, though political instability could heighten risks.
Bitcoin approached $100,000 as investors anticipated a favorable U.S. regulatory shift, while global stocks slightly retreated but remained near record highs ahead of a crucial U.S. jobs report. In France, the government faced a confidence vote loss for the first time since 1962, leading to Michel Barnier's resignation, though markets remained stable. U.S. stocks experienced a dip following record highs, with the Dow Jones down 0.55% to 44,765, the S&P 500 falling 0.19% to 6,075, and the Nasdaq Composite decreasing 0.18% to 19,700.
President Emmanuel Macron has vowed to remain in office until the end of his term in 2027, following the resignation of Prime Minister Michel Barnier after a successful vote of no confidence. Macron accused the opposition of forming an anti-Republican front and emphasized the need for a stable government to address France's economic challenges amid ongoing political turmoil. The political landscape remains fragmented, complicating the search for a new prime minister.
Equities are rising as strong fundamentals overshadow recent political turmoil, with the S&P 500 reaching its 56th all-time high this year. Despite challenges in Europe and Asia, favorable macroeconomic conditions and anticipated interest rate cuts are expected to support further gains in global stocks, particularly in technology and utilities. The ongoing demand for artificial intelligence is projected to drive significant earnings growth in the tech sector through 2025.
French Prime Minister Michel Barnier's government was ousted in a no-confidence vote, marking a significant political crisis as left and far-right parties united against him. Analysts predict ongoing instability, with a high likelihood of fresh parliamentary elections next year and a provisional budget likely to roll over from 2024, delaying urgent fiscal reforms. President Macron faces pressure to quickly appoint a successor amid a divided National Assembly, complicating efforts to address France's fiscal challenges.
The censure of Michel Barnier's government has halted the examination of the 2025 Finance Bill, risking delays in health insurance reimbursements and potential payment suspensions for social security benefits. Political instability is also expected to affect mortgage rates and the PTZ program, crucial for first-time buyers, as households may delay real estate projects amid uncertainty.
France faces unprecedented political instability as far-right leader Marine Le Pen collaborates with the left to dismantle Michel Barnier’s government and budget plans. This turmoil, exacerbated by pandemic and inflation shocks, highlights a fractured political landscape and a lack of viable solutions to ongoing economic challenges.
South Korea's President Yoon Suk Yeol faces an impeachment vote on December 7 after declaring and then reversing martial law, prompting swift backlash from lawmakers and the public. Meanwhile, Bitcoin has surged past $100,000 for the first time, and U.S. markets hit record highs. Despite political turmoil, some analysts suggest that a quick resolution could stabilize investor sentiment.
Michel Barnier
People
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