Macron Appoints New French Prime Minister

French President Emmanuel Macron has appointed Edouard Philippe as France’s new prime minister.

Philippe, the mayor of Le Havre in Northern France, will replace Bernard Cazeneuve who assumed office in late 2016 under Francois Hollande’s presidency. The appointment is Macron’s first major decision as president and will be critical to his future success.

The prime minister, who presides over government, will be instrumental in rallying support to help Macron form a parliamentary majority in next month’s elections. Without such backing, Macron would struggle to implement his economic reform agenda.

Macron is expected to announce his full government line up on Tuesday.

Philippe is not a member of the president’s center-left La Republique En Marche movement, but a center-right Republican, who supported the presidential campaign of Francois Fillon until the candidate was embroiled in an embezzlement scandal.

This is the first time in modern French history that a president has appointed a prime minister from outside his party without being forced to by a parliamentary defeat.

It is thought that the appointment will help Macron amass support from the political right.
So far Macron has presented 480 candidates ahead of the National Assembly elections on June 11 and 18. Approximately 80 percent of the nominees are new to politics – they include shopkeepers, mathematicians and a bullfighter – and reflect Macron’s promise to move French politics closer to French people.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza