Pension Reform
Sébastien Lecornu renounces article 49.3 for 2026 budget
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France's new Prime Minister, Sébastien Lecornu, announced on Friday that he would renounce using article 49.3 of the Constitution to pass the 2026 budget. This decision aims to foster consensus in Parliament. He also reaffirmed his opposition to any rollback of the pension reform.
S&P downgrades France's sovereign rating from AA- to A+
Standard & Poor's rating agency downgraded France's sovereign rating from AA- to A+ on Friday evening, citing persistent uncertainty over public finances despite the 2026 budget proposal. This anticipated decision, the third in a year, is largely attributed to the suspension of pension reform. Economy Minister Roland Lescure sees it as a call for lucidity and collective responsibility.
Friedrich Merz shows understanding for young Union MPs' criticism of pension package
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A dispute erupts in Germany's black-red coalition over the pension package: Young Union MPs sharply criticize the bill and threaten to block it. Chancellor Friedrich Merz signals understanding, while SPD politicians decry the debate as harmful to pension security. The draft is set to pass this year.
French government survives no-confidence votes narrowly
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Sébastien Lecornu's government survived two no-confidence motions in the National Assembly on Thursday, backed by the Socialist Party in exchange for suspending pension reform. The La France Insoumise motion failed by 18 votes, with 271 in favor against 289 needed. The National Rally motion garnered only 144 votes.
Nobel economist Philippe Aghion urges halting pension reform until 2027
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French Nobel Prize winner in economics Philippe Aghion pleaded on Monday evening on France 2 to suspend the pension reform until the 2027 presidential elections. He suggests halting the gradual increase in retirement age at 62 years and 9 months to ease tensions. This statement comes as Prime Minister Sébastien Lecornu has opened the door to debate on suspending the contested reform.
Sébastien Lecornu suspends pension reform to avoid censure
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In his general policy speech to the National Assembly on October 14, 2025, Prime Minister Sébastien Lecornu announced the suspension of the pension reform until 2028, a concession to socialists to avert a censure motion. The Socialist Party confirmed it would not censure the government immediately, while right-wing voices voiced opposition. This move aims to stabilize the country and pass a budget by year's end.
French government unveils 2026 budget with pension reform suspension
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Prime Minister Sébastien Lecornu's government unveiled the 2026 budget project on October 14, including the suspension of the pension reform via an amendment to the PLFSS in November. This concession to the Socialist Party aims to stabilize the country but draws criticism from the right and opposition. The plan targets a 30 billion euro deficit reduction through tax freezes and cuts to fiscal niches.
Borne opens door to suspending pension reform
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Resigned Education Minister Élisabeth Borne expressed openness to suspending the 2023 pension reform she championed, if it ensures national stability. This stance, voiced in a Le Parisien interview, aims to extend a hand to socialists amid the political crisis after Sébastien Lecornu's resignation. Olivier Faure hailed a 'positive awakening'.
Sébastien Lecornu reconducted as prime minister to form new government
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Emmanuel Macron reconducted Sébastien Lecornu as prime minister on October 10, 2025, four days after his resignation, to form a government focused on passing the 2026 budget. Lecornu promised a 'more free' executive without presidential candidates and open to debates on pension reform. Oppositions, including Les Républicains and the Socialist Party, rejected participation but threaten censure without concessions.
French assembly starts debates on 2026 social security budget
French lawmakers began examining the 2026 social security financing bill on October 27, 2025, amid tensions over suspending the pension reform and drastic savings measures. A government amendment increasing the surtax on large companies was adopted, while the Zucman tax debate was postponed. Discussions are set to be contentious with a projected deficit of 17.5 billion euros.