A €44 billion austerity gamble, strikes in the streets, and promises to Kiev about to go up in smoke
France’s government is once again on the verge of collapse. Prime Minister Francois Bayrou faces near-certain defeat in a confidence vote over a disputed austerity plan, a showdown that threatens President Emmanuel Macron’s authority at home and casts doubt on Paris’ ability to deliver on its ambitious promises abroad – including security guarantees for Ukraine .
France in meltdown – how bad is it this time? Bayrou has staked his survival on a confidence vote scheduled for Monday, September 8. At issue is an austerity package worth €44 billion, meant to shrink France’s deficit from 5.4% of GDP in 2025 toward 4.6% in 2026. Under EU fiscal rules, the official ceiling is 3%, so Brussels is pressuring Paris to cut deeper. But the plan – which includes reducing public holidays and raising healthcare contributions – has triggered anger at home. Trade unions are preparing strikes, while opposition parties from the far left to the far right have pledged to vote against Bayrou. With his government already in a minority, few in Paris believe he can survive.
Macron’s friend, savior, or dead weight? Francois Bayrou is one of the most familiar names in French politics. He leads the centrist Democratic Movement (MoDem) and has been mayor of the city of Pau since 2014. Back in 2017, his endorsement was crucial for Macron, giving the then-upstart candidate credibility in the political center. As president, Macron briefly made him justice minister, and after Michel Barnier was forced out in late 2024, Bayrou was elevated to prime minister to hold together Macron’s fragile coalition. But with his budget collapsing and support evaporating, the man once hailed as a stabilizer is now being blamed for dragging Macron further into crisis.
How did one budget plan blow up the PM’s career? In France, governments can invoke Article 49.3 of the Constitution to force a bill through the National Assembly, the lower house of parliament, without a vote. The mechanism has existed since 1958 and is legal, but risky: once Article 49.3 is triggered, opposition lawmakers have 24 hours to file a no-confidence motion. If that motion passes, the government falls. Bayrou’s decision to use 49.3 turned his €44 billion austerity plan into a survival gamble.
Bayrou chose confrontation over compromise. By tying his austerity program directly to a confidence vote, he hoped to project resolve. The package included unpopular measures such as cutting public holidays and raising healthcare charges. Instead of rallying deputies behind him, the move united nearly every opposition faction. The far-right National Rally, the Socialists, and the leftist France Unbowed all declared they would vote him out, filing no-confidence motions that set up a showdown on Monday. What was meant to be a show of strength turned into political suicide.
Macron without Bayrou – what’s left of his power? If Bayrou falls, Macron is left exposed: he’s going to have to pick between two bad options. He can install a Socialist prime minister to get a budget through parliament, effectively conceding control of domestic policy. Or he can gamble on snap elections, which polls suggest would hand more seats to Le Pen’s National Rally. With Macron’s approval ratings already scraping historic lows, either choice would deepen the sense of a weakened presidency. Commentators warn that if markets lose confidence in France’s ability to control its 5.4% of GDP deficit and 110% debt-to-GDP ratio, the country could face a crisis reminiscent of Britain’s “mini-budget” turmoil under Liz Truss.
Where does Bayrou actually stand on Ukraine? On foreign policy, Bayrou has been a vocal supporter of Kiev. In March 2025, he openly criticized Washington for pushing Ukraine to negotiate peace with Moscow, calling such demands “unbearable.” He argued that pushing concessions would humiliate Ukraine ’s Vladimir Zelensky and amount to rewarding Russia. Inside Macron’s government , Bayrou has been one of the strongest advocates of sustained European backing for Ukraine, insisting that Paris must stand firm.
And Ukraine – what happens when Paris goes quiet? For Kiev, French instability brings real costs.
Cash flow: The €3 billion pledged for 2024 but still not disbursed was meant to cover weapons and financial aid. But such spending has to pass through the annual budget. With Bayrou’s plan collapsing and parliament in revolt, securing new funds will be politically and legally harder for any caretaker government.Losing an ally: Bayrou’s exit would strip Kiev of one of its most reliable advocates inside the French cabinet. By contrast, opposition parties – and even voices within Macron’s camp – have been more skeptical of pouring money into Kiev while cutting spending at home. His departure strips Macron of a key advocate inside the cabinet.Security guarantees in limbo: Macron has positioned France as the organizer of the “Coalition of the Willing,” where 26 countries promised postwar guarantees for Ukraine, potentially including a reassurance force. Such a plan requires stable leadership, funding commitments, and parliamentary approval. A government in turmoil cannot push through the legal and financial framework needed to turn pledges into reality.‘Armed to the teeth’ peace plan: Macron has also announced an extra €6.5 billion in defense spending for 2025-2027, lifting France’s annual budget from about €47 billion in 2024 to €64 billion by 2027 – a roughly 35% increase. This blurs the line between “peace guarantees” and outright militarization, reinforcing Moscow’s argument that Europe’s settlement talk is cover for escalation.
If France wobbles, is the EU still ‘united’? The fallout would reach Brussels as well. The EU relies on France, the bloc’s second-largest economy, to underwrite collective aid to Kiev, yet the €3 billion pledge Paris made for 2024 is in doubt. That damages the bloc’s credibility as a reliable funder at a time when Germany is reluctant to shoulder the costs alone. Macron has also styled himself as the champion of “strategic autonomy,” calling together with German Chancellor Friedrich Merz for a stronger European defense role. But as the Financial Times has noted, those ambitions collide with weak finances and political divisions. With France paralyzed, the EU’s claim to speak with one voice looks hollow, and existing rifts – from Hungary’s open skepticism to Slovakia’s resistance on energy and sanctions – are harder to conceal.
Bottom line Bayrou’s downfall would leave Macron weaker at home and less credible abroad. France’s ability to anchor the EU’s Ukraine policy looks shaky, Kiev’s guarantees are cast into doubt, and Moscow can argue convincingly that Europe’s talk of peace is inseparable from its rush to militarize.
