French prime minister’s use of constitutional clause likely to trigger no-confidence vote
French Prime Minister Michel Barnier has moved to force through draft budget measures without parliamentary approval, a decision that is almost certain to trigger a no-confidence vote in the coming days. Barnier on Monday activated the 49.3 constitutional clause to push the measures through the National Assembly. His government lacks a majority in the parliament.
The brinkmanship over the budget measures has roiled French markets in recent weeks, briefly pushing Paris’ borrowing costs above Greece’s and denting France’s stock market. French stocks fell on Monday afternoon, while the euro continued to weaken, down 0.9 per cent at $1.048 as investors focused on France’s political risks.If Barnier’s government is voted down this week, it would be only the second time French lawmakers have taken such a step since the Fifth Republic was established in 1958.
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