Eric Lombard named France's finance minister in new cabinet

Investing.com -- President Emmanuel Macron of France named Eric Lombard, the current head of the Caisse des Depots Group, as the country's new finance minister on Monday. Lombard, a seasoned finance professional with ties to the left, is part of the new cabinet announced by Macron.

The Caisse des Depots Group is a financial institution that has been in operation for two centuries and is accountable to parliament. Lombard's immediate mandate is to urgently repair France's finances following the downfall of the previous administration due to a dispute over the upcoming year's budget.

Lombard is set to play a crucial role in the new government of French Premier Francois Bayrou. The government's immediate goal is to swiftly pass a budget for 2025 and withstand any no-confidence motions put forward by the opposition.

However, gaining support for the proposed legislation could be challenging in the National Assembly. Macron's lawmakers are in the minority there, and opposition parties have shown little willingness to compromise.

France has been experiencing political unrest since June when Macron disbanded the National Assembly and called for elections. The elections resulted in a lower house that is divided among three conflicting blocs: the leftist New Popular Front alliance, Marine Le Pen’s far-right party, and centrists who largely back the president.

The previous government, led by Michel Barnier, was toppled due to a budget dispute. The French far right and left joined forces to bring down Barnier’s government.

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Source: Investing.com