French President Emmanuel Macron has appointed Antoine Armand as the new finance minister of France, a move that has thrust a 33-year-old with limited political experience into the forefront of an urgent budget battle. Armand will be tasked with bringing fiscal discipline to the country’s finances while navigating the need for support from the far right to avoid a government collapse.
Armand will be joined by Laurent Saint-Martin as the budget minister, according to a statement from the president’s chief of staff. Saint-Martin, a 39-year-old who previously served as the head of Business France, will bring his expertise in export growth and foreign investment to the role.
The appointment of Armand comes at a critical time for France, as the country grapples with a galloping deficit and political uncertainty following snap elections that left the National Assembly deeply divided. Macron’s decision to call for elections after a defeat by Marine Le Pen’s far-right party in European elections has left the government without a clear majority, making the task of governing even more challenging.
Prime Minister Michel Barnier’s administration will be focused on presenting a budget bill for the upcoming year and addressing France’s growing deficit. With the country’s budget deficit expected to reach 6% of economic output this year, Armand and Saint-Martin will have their work cut out for them in finding ways to curb spending and increase revenue.
Armand, who supported Macron’s 2017 election campaign, brings a wealth of experience to the role, having worked on a variety of issues including industry, the management of the Covid crisis, and the energy transition. His appointment reflects Macron’s commitment to bringing fresh perspectives to the government and tackling the challenges facing France head-on.
In addition to the appointment of Armand, Macron has also named Republicans Senate leader Bruno Retailleau as the interior minister, marking an overall shift to the right in the cabinet. This move is seen as an attempt to balance the various political factions within the government and ensure its survival in the face of potential no-confidence votes.
The appointment of Armand and the rest of the new cabinet marks the end of weeks of uncertainty following the snap elections, which triggered turmoil in bond markets and raised concerns about France’s public finances. With the country’s borrowing costs rising compared to other European countries, there is a pressing need for decisive action to address the fiscal challenges facing the government.
Armand’s background in finance and his dedication to achieving results make him a strong choice for the role of finance minister. His willingness to reject traditional party politics in favor of focusing on delivering tangible outcomes bodes well for his ability to lead France through the fiscal challenges ahead.
As Armand and Saint-Martin take on their new roles, they will be faced with the daunting task of steering France’s economy through turbulent waters and ensuring the country’s financial stability in the face of mounting deficits. With Macron’s support and a clear vision for the future, the new finance minister and his team are poised to tackle the challenges ahead and set France on a path towards economic recovery and growth.
