France’s president faces strict constitutional limits on dissolving the National Assembly for a snap legislative election, with the one-year restriction after the 2024 vote extending into mid-2025 and beyond. Trader consensus prices a call by December 31, 2026, at low single digits amid ongoing budget negotiations, a fragile minority government, and Macron’s focus on finishing his term before the spring 2027 presidential contest. Recent polling shows far-right and far-left candidates leading for that race, while center-left primaries and fiscal debates have consumed attention without triggering dissolution signals. Any early call would require a sharp deterioration in parliamentary stability or debt-market pressure not evident in current developments.