Prime Minister Sébastien Lecornu after delivering his government policy statement at the Assemblée Nationale in Paris, October 14, 2025. JULIEN MUGUET FOR LE MONDE
At the end of his government policy statement on Tuesday, October 14, Sébastien Lecornu's voice suddenly grew more serious. His tone became more martial. If the lawmakers before him could not reach an agreement on the budget bill by the end of the year, he said, "the only ones who would welcome a crisis or a budgetary breakdown are not friends of France," invoking the somewhat nebulous specter of "anti-France." Shivers and applause ran through the chamber, especially on his right.
The threat of a no-confidence vote receded with his announcement that he would suspend the raising of the retirement age, as the Socialists had demanded. The risk of the country entering 2026 without a budget also receded. In financial markets, those gambling on further turmoil calmed down – France's friends and foes alike. Within a few hours, the premium investors were demanding to hold French debt over German bonds fell by 7% after nearing record highs.
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