France faces ongoing political instability under President Emmanuel Macron, whose second term ends in May 2027 and who is constitutionally barred from seeking a third consecutive mandate. A fragmented National Assembly has produced repeated government collapses, including the recent short-lived tenure of Prime Minister Sébastien Lecornu, amid disputes over budget cuts, energy prices, and fiscal deficits. Macron has repeatedly ruled out resignation, though opposition parties including the National Rally and France Unbowed have pushed for snap legislative elections or his departure. Low approval ratings near historic lows and polling leads for far-right candidates in the April-May 2027 presidential race have intensified pressure on the centrist bloc. These dynamics, combined with constitutional limits on early dissolution and Macron's public commitment to serving out his term, underpin trader assessments of limited near-term exit risk before year-end 2026.