France's new Prime Minister Sebastien Lecornu and his government resigned on Monday (October 6), hours after Lecornu announced his cabinet line-up, making it the shortest-lived in modern French history, driving stocks and the euro sharply lower.

Paris

French Prime Minister Sébastien Lecornu resigned just hours after unveiling his cabinet, becoming the shortest-serving prime minister under the Fifth Republic. Lecornu, a centrist close to President Emmanuel Macron, was unable to secure a parliamentary majority, as attempts to gain support from both the right and left repeatedly failed due to conflicting demands from each side.

President Macron remains in office and must now decide whether to appoint a new prime minister or call snap parliamentary elections. Polls suggest that if elections are held, the far-right National Rally party could make significant gains, which complicates Macron's options and increases political uncertainty in France.

Why did French PM resign just hours after unveiling his cabinet?

Well, let's bring in as well our reporter, Clovis Casale, who's at Matignon, standing, I suspect, just a few metres away from where Sébastien Lecornu was giving us that message a short while ago. I mean, Clovis, it does very much. He sort of laid out, as Mark was saying, his his thoughts about why this has gone wrong. Interesting, though, that he didn't name names. It wasn't a sort of blame game to individuals, was it? It can't be a blame game because he's looking towards the future, like all of Emmanuel Macron's allies. Let's break it down for our viewers. The situation is Sébastien Lecornu, centrist, centre-right politician close to Emmanuel Macron. He did not get, he does not have a majority in Parliament. So he needed voices from the right and possibly voices from the left. Support from the right, support from the left. The problem is when you give, when you make some concessions towards the right wing party, say on immigration, on making deeper cuts, saving more money for the French state, well, the left is infuriated. And when he gives things to the left, such as on the pension reform and so on, well, it infuriates the right wing and he's likely to lose their support. And Sébastien Lecornu said it very, in a very simple way today. He said every time we thought we were moving forward in our negotiations, in our discussions with the various parties, well, lines were moving back. In other words, every time he thought he was making some progress while talking to other parties, he realized that nothing was improving. And he also said Sébastien Lecornu, the prime minister, the most short-lived prime minister under the Fifth Republic. Well, he said that the political parties never realized that other parties who they needed to make this coalition or at least get some kind of support from them. Well, every party had their red line. And if you don't make any concessions, well, you can't move forward. Sébastien Lecornu also stressing that he had a new approach. He wanted to break away from old politics. Sébastien Lecornu wanted really to give parliament power in order to pass laws, in order to run smoothly the state affairs. Well, that was proved impossible. So that was the impossible task, as he described it, of Sébastien Lecornu. He had no other choice but to resign. It was a shock resignation. It's happened today. I suppose everyone in that building behind you, Clovis, is now going to be thinking who's going to be the next person to walk through the gates or perhaps be driven through the gates? Because we've gone through so many prime ministers over the last year and this time around, Emmanuel Macron, assuming he remains as president, has to try something different, doesn't he? Well, let's first say that despite many calls for his resignation or at least for a motion in parliament to destitute the French president, Emmanuel Macron has always stated loud and clear he's not going anywhere. He is in charge. He was elected by the French people. He will remain president, despite the calls from the far left, despite the calls from the far right of Marine Le Pen. He's staying put. However, he needs to find a solution because what can he do? Snap parliamentary elections like last time, which proved disastrous. And according to polls, while the national rally, the French far right of Marine Le Pen is tipped to win, possibly even get an absolute majority or at least a significant lead, according to polls again. Or will he find the perfect candidate, the perfect person to be prime minister here? Remember, three weeks ago, he thought that his ally, Sébastien Lecornu, would manage to build consensus, wouldn't manage to get some kind of coalition and therefore remain as prime minister. It proved impossible. So what can he do? Where can he find the next prime minister? Possibly from the center left side, possibly from the left wing. Very difficult to say. If Emmanuel Macron makes that decision, he'll lose the support of Les Républicains. He'll lose the support, of course, from the most right wing figures of the centrist bloc. So it's going to be very difficult for him. And many people now are expecting or predicting snap parliamentary elections very soon. Again, important to stress that according to polls, if there are snap parliamentary elections, the French far right are tipped to win. And that's why it's proving so difficult for the left wing to agree to that, especially the socialists, because many left wing parties would lose many seats if there were snap elections coming up.

A selloff in French markets gathered pace after French media reports that Prime Minister Sebastien Lecornu has resigned. French stocks fell sharply, government bond yields were up 8 basis points and the euro was last down 0.65% at $1.1667.

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