After six months of political chaos, the French government is finally getting its national budget through parliament. Plus the answers to the most important questions.
02/02/2026, 12:5102/02/2026, 12:51
Stefan Brändle, Paris / ch media
How did Prime Minister Lecornu achieve the impossible?
The French Prime Minister must govern without a majority in the National Assembly. However, the skilful tactician managed to finalize a budget for the current year. In particular, the conservative head of government brought the socialists on board. The repeated sentiments of distrust from the right-wing and left-wing populists were missing a few votes – and probably also on Tuesday night – so that Lecornu was able to bring the budget law into force on Monday using the constitutional trick of Article 49.3 without a vote.
French Prime Minister Sébastien Lecornu after a cabinet meeting.Image: keystone
Although six months ago he swore to Parliament that he would never use this very authoritarian instrument. This indelicate lie at least ends a political tragedy that has already worn out several cabinets. `
What consequences for France?
Prime Minister François Bayrou promised an “austerity budget” last July with spending cuts of 43.8 billion euros. He fell more consistently than many others. Lecornu then made concessions worth billions to the socialists – more civil servant positions, more social housing and a higher employment bonus for low earners. Lunch in the student canteens only costs one euro.
And above all, the prime minister put President Emmanuel Macron’s hotly contested pension reform on hold. That was the price for Macron and Lecornu pushing through a budget and thus saving their own heads.
Former Prime Minister François Bayrou.Image: keystone
Has France rehabilitated its public finances?
The answer is a resounding no. Bayrou’s promise from mid-2025 to bring the budget deficit from 5.4 percent last year below the 5 percent threshold has long been forgotten. Lecornu no longer commits himself. The horrendous national debt of 3,400 billion euros will also continue to rise. The Prime Minister defends himself by saying that a continuation of political uncertainty would be even more costly for the French economy.
Liberal economist Oliver Babeau counters that France’s fiscal decline is continuing. The conservative magazine “le point” comments caustically that France is “the country in which nothing is making progress – except the national debt”.
Which political camp benefits?
Politically, the budget debate leaves almost only losers. Lecornu is already being considered as a possible candidate in the presidential elections in just over a year. However, his electoral chances are likely to be limited: the former defense minister with the deliberately old-fashioned look is likely to experience that the political center in France has no future since Macron has just called suicidal new elections in 2024.
Anyone who pretends to be a Macronist in Paris ahead of the upcoming municipal elections in March and presidential elections in a year’s time is unlikely to get very far. The Socialists have done well in the budget wrangling – but they are accused by the Greens, Communists and the “Indomitables” of betraying the former Left Front. The conservative Republicans, for their part, stood by Macron without receiving any concessions in return; that goes down poorly with their electorate.
Should benefit: Marine Le Pen and Jordan Bardella.Image: keystone
Only the right-wing Rassemblement National of Marine Le Pen and Jordan Bardella is likely to benefit from the general mess. While the other parties lack convincing leaders, the right-wingers now have the two poll favorites for the presidential election. (aargauerzeitung.ch)