France: Michel Barnier appointed as new Prime Minister, a negotiator to break the political and fiscal deadlock

President E mmanuel Macron appointed Michel Barnier as new Prime Minister , asking him to “form a broad government at the service of the country and the French”. M r Barnier, the former chief Brexit negotiator for the European Union, will have to form a government that is not immediately dismissed by parliament . To do so, the far - right “ R assemblement National ” must abstain , while the leftist coalition (New Popular Front) already announced they will submit a no confidence vote against his government. In any case, his majority will remain thin. M r Barnier will then have among his top priorit ies to submit a budget that meets France’s European commitments , while the country is enter ing into excessive deficit procedure and faces a likely further fiscal slippage this year. Main budgetary deadlines before year end Source: Natixis CIB