France faces acute political fragmentation and economic strain as President Emmanuel Macron approaches the end of his second term in May 2027, with constitutional rules barring consecutive re-election. Recent weeks have seen repeated government instability, including the rapid resignation of Prime Minister Sébastien Lecornu after an aborted cabinet formation, alongside budget paralysis in a hung National Assembly, surging bond yields, fuel-price shocks, and widespread student protests met with police responses. Macron has publicly committed to serving out his full mandate without resignation, despite no-confidence pressures and opposition criticism. These dynamics, compounded by polling showing far-right and left-wing challengers dominating 2027 prospects, shape trader assessments of any early exit scenarios tied to legislative deadlock or social escalation before the scheduled spring vote.