**Sébastien Lecornu leads a minority government in France’s fragmented National Assembly, where no party holds a majority.** He was reappointed in October 2025 after a one-day resignation and has survived no-confidence motions, including those in mid-October 2025, by securing Socialist support through targeted concessions such as suspending the pension reform until after the 2027 presidential election. Ongoing pressures include student protests over education conditions, fuel price spikes prompting emergency measures, agricultural concerns, and the need to deliver a 2027 budget with significant spending cuts to meet a 5% deficit target amid rising borrowing costs. With parties already positioning for the 2027 presidential race and repeated use of procedural tools like Article 49.3 likely, the combination of legislative fragility, social unrest, and fiscal deadlines keeps replacement risks in focus for traders.