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
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
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.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019