France's Premier Lecornu Steps Down After Under a 30-Day Period in Office

France's Prime Minister Lecornu has handed in his resignation, less than a day after his cabinet was announced.

The Elysée palace issued a statement after the Prime Minister met President Emmanuel Macron for an meeting on the start of the week.

This shock move comes only 26 days after Lecornu was named premier following the downfall of the previous government of his predecessor.

Political factions in the French parliament had strongly opposed the composition of the new government, which was very close to Bayrou's, and vowed to reject it.

Calls for Early Elections and Government Instability

Several parties are now clamouring for early elections, with others urging Macron to also leave office - despite the fact that he has consistently affirmed he will not stand down before his time in office finishes in the year 2027.

"Macron needs to pick: dissolution of parliament or stepping down," said Chenu, one of key representatives of the RN party.

Lecornu - the former armed forces minister and a supporter of Macron - was the fifth premier in under two years.

Background of Government Crisis

French politics has been very volatile since July 2024, when early legislative polls resulted in a deadlocked assembly.

This has posed obstacles for any prime minister to secure enough backing to enact new laws.

The former cabinet was defeated in autumn after lawmakers voted against his austerity budget, which aimed to slash government spending by $51 billion.

Financial Pressures and Stock Reaction

The nation's budget gap reached nearly 6% of the economy in 2024 and its national debt is 114 percent of GDP.

That is the third highest public debt in the eurozone after Greece and Italy, and amounting to almost 50k euros for each resident.

Stocks fell sharply in the Paris bourse after the resignation report broke on Monday.