Macro appoints Sébastien Lecornu as France's new prime minister

LeCornu was nominated for this position last year and Frances Bayrou, who was dismissed after losing a vote of confidence in parliament on Monday, will succeed.

Bayrou, named less than a year ago after conservative politician and former Brex negotiator Michel Barnier lost the risk after calling an unprecedented vote of confidence on his controversial 2026 budget plan.

At the heart of the confrontation were France's fragile public finances. Last year's deficit reached 5.8% of GDP, almost double the EU ceiling of 3%, while national debt is now more than 3.3 trillion euros, approximately 114% of economic output.

Bayrou has argued that drastic cuts are inevitable, presenting a plan to cut spending by 44 billion euros by 2026, in part removing two official holidays. /Periscope/