2025-10-31
41 分钟The Economist.
Early in his memoirs, Charles de Gaulle wrote:
"To my mind, France cannot be France without greatness."
De Gaulle would be dismayed by the current state of his country,
which is experiencing its highest turnover of governments since he established the Fifth Republic in 1958.
Just like a good series on TV, Monday brought many unexpected twists in French politics.
First, we had the Republicans being angry.
France descending into deeper political gridlock.
The country's fifth prime minister in two years quitting less than a month into his tenure.
France's Prime Minister, Sébastien Lecornu, has resigned, hours after his cabinet was unveiled.
In the three years following his reelection as president in 2022, Emmanuel Macron has gone through five prime ministers.
With national debt close to 116% of GDP, and consensus on its budget stalled, markets have been jittery.
France's sovereign credit score is at its lowest level on record.
Moody's has maintained its rating for France following downgrades by Fitch, DBRS, and S&P Global,
but the agency revised its outlook for the country from stable to negative.
Credit ratings agency Standard and Poor's has notched France down to A+ one month after Fitch did the same.
With 18 months left to go before its next election, France's centrist government needs to bring some stability, and fast.
In early October, Roland Lescure became the country's finance minister.
The longtime Macron loyalist is charged with restoring France's credibility in the eyes of foreign governments and investors.
His main challenge will be trying to resolve the country's political deadlock, delivering a budget by the end of the year.