Economy

France’s PM faces potential no-confidence vote as early as this week

France’s Prime Minister Michel Barnier is on the brink of a no-confidence vote following a contentious move to advance a social security financing plan without full parliamentary support. Barnier, who leads a minority government since September’s inconclusive general election, could be deposed if the opposition’s dissatisfaction culminates in a successful vote against him.

The social security financing debate, part of the government’s 2025 budget plan, was set for discussion in the lower-house National Assembly on Monday. The far-right National Rally (RN) party, led by Marine Le Pen in the parliament, has been critical of various segments of the budget plan, including the social security measures.

In an attempt to appease the RN, the prime minister’s office announced the cancellation of a proposal that would have reduced prescription drug reimbursements starting next year. Despite this concession, Barnier’s position remains precarious.

Should Barnier be unable to secure a majority in parliament for his legislative agenda, he might resort to invoking executive powers under article 49.3 of the French constitution to implement the measures without a vote. This action, however, could prompt a no-confidence motion, potentially as soon as Wednesday.

Surviving a no-confidence vote would require Barnier to avoid opposition from Le Pen’s RN, as support from left-wing parties appears unlikely. The outcome of such a vote could lead to the first successful motion of no confidence in France since 1962, when Georges Pompidou’s government fell during Charles de Gaulle’s presidency.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

This post appeared first on investing.com

You May Also Like

Economy

A U.N. human rights group confirmed Hamas’ leader in Lebanon, who was recently killed by Israeli strikes, was their employee.  Fateh Sherif was killed...

Investing

Astron (ASX:ATR) and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) have completed the establishment of a joint venture to advance the Australia-based Donald rare earths and mineral sands...

Editor's Pick

Sen. JD Vance (R-Ohio) and Minnesota Gov. Tim Walz (D) will face off Tuesday night at a CBS News vice-presidential debate in New York....

Latest News

A North Korean defector who escaped to the South more than a decade ago was detained after attempting to cross back into North Korea...

Disclaimer: balanceandcharge.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 balanceandcharge.com

Exit mobile version