Michel Barnier is the new French PM – so, what now?
After a 'stolen election', Michel Barnier, former EU Brexit negotiator has been appointed as France's new prime minister. What does it mean for France?
“Thousands of angry left-wing protesters” took to the streets in France on Saturday in the “opening salvo” of what “could be weeks or months of demonstrations”, says The Observer. The protesters accused President Emmanuel Macron of a “denial of democracy” when he appointed the former EU Brexit negotiator Michel Barnier as prime minister, despite the fact that the left won the most seats in the recent elections and Barnier’s party won fewer than 50 MPs.
The decision followed a two-month search for a PM, during which Macron ruled out the left’s preferred candidate (civil servant Lucie Castets) on the grounds that “she would be unable to muster enough cross-party support to form a stable government”.
Macron has pulled "a blinder"
The “absolute rage” being voiced by the French left suggests that Macron has “pulled a real blinder”, says The Telegraph. Barnier may be a “bit boring”, but unlike the alternatives, he won’t be immediately thrown out by a vote of no-confidence in France’s “new, unworkable parliament, with its three blocs of irreconcilable MPs”. Not having been seen on the “frankly unedifying” national political scene in recent years “is also an asset”, as is the fact that he ran for president two years ago on a “strong anti-unchecked immigration platform”. The selection of Barnier means that Macron has chosen “stability” over “revolutionary posturing”.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
While the far left is raging at what it sees as an “unacceptable coup de force”, the far right’s Marine Le Pen “has perhaps never been more powerful”, says Gavin Mortimer in The Spectator. She reportedly vetoed Macron’s two original choices, former Socialist PM Bernard Cazeneuve and centrist Xavier Bertrand, instead insisting on someone “respectful of the different political forces” and capable of talking to Le Pen’s party, the National Rally. The fact that Barnier’s centrist government needs the support of her 143 MPs to survive the inevitable challenge from the left “will give her bargaining power in parliament”.
What's next for France?
The left could have prevented this state of affairs if it had been willing to compromise by joining Macron’s own bloc in a “broadly centrist coalition”, says Lee Hockstader in The Washington Post.
It’s hard to dispute there is something “Faustian” about Macron’s pact, especially as Le Pen has said that she will hold the government hostage to her party’s “hard-line agenda”, especially on immigration. Le Pen’s status as a “kingmaker” also gives her “respectability”, as well as putting a “yawning breach” in the “firewall” that mainstream parties had built to keep her out of power.
Barnier’s selection “closes one tense and heated chapter” but “opens another, which could be even more testing”, especially given the “pressing need for France to get its public finances in order”, says The Economist. The new PM “will have his work cut out” as he tries to appoint ministers, make the necessary budget cuts, appease the left and keep the hard right quiet, as well as calm the streets. He will also have to do all of this while dealing with Macron’s “irrepressible tendency to interfere in all decision-making”.
This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.

-
Why Trustpilot is a stock to watch for e-commerce exposureTrustpilot has built a defensible position in one of the most critical areas of the internet: the infrastructure of trust, says Jamie Ward
-
Tetragon Financial: An investment trust with stellar returnsTetragon Financial has performed very well, but it won't appeal to most investors – there are clear reasons for the huge discount, says Rupert Hargreaves
-
How to capitalise on the pessimism around Britain's stock marketOpinion There was little in the Budget to prop up Britain's stock market, but opportunities are hiding in plain sight. Investors should take advantage while they can
-
London claims victory in the Brexit warsOpinion JPMorgan Chase's decision to build a new headquarters in London is a huge vote of confidence and a sign that the City will remain Europe's key financial hub
-
The consequences of the Autumn Budget – and what it means for the UK economyOpinion A directionless and floundering government has ducked the hard choices at the Autumn Budget, says Simon Wilson
-
Reinventing the high street – how to invest in the retailers driving the changeThe high street brands that can make shopping and leisure an enjoyable experience will thrive, says Maryam Cockar
-
The global defence boom has moved beyond Europe – here’s how to profitOpinion Tom Bailey, head of research for the Future of Defence Indo-Pac ex-China UCITS ETF, picks three defence stocks where he'd put his money
-
Profit from a return to the office with WorkspaceWorkspace is an unloved play on the real estate investment trust sector as demand for flexible office space rises
-
An “existential crisis” for investment trusts? We’ve heard it all before in the 70sOpinion Those fearing for the future of investment trusts should remember what happened 50 years ago, says Max King
-
No peace dividend in Trump's Ukraine planOpinion An end to fighting in Ukraine will hurt defence shares in the short term, but the boom is likely to continue given US isolationism, says Matthew Lynn