While the approval of France's 2025 budget prevents the collapse of the government and increases fiscal policy certainty in the short term, legislative gridlock, fiscal slippage and external risks will continue to threaten the country's economic and political stability in the medium and long term. Between Feb. 5 and Feb. 10, French Prime Minister Francois Bayrou survived a series of no-confidence motions that the far-left France Unbowed party triggered after Bayrou decided to pass a budget for 2025 and social spending bills without holding a vote in the National Assembly. The social security bills will now move to the upper house of parliament, with approval expected for Feb. 17 or 18. While another no-confidence motion against Bayrou will take place on Feb. 19 (this time connected to the prime minister's recent controversial remarks on immigration), it will probably also fail due to insufficient support....
