Quite a few observers have described the dramatic fall of the Barnier government in France not just as a political crisis but also an economic and financial crisis.
While it does signal significant political divisions that will not heal anytime soon and will undermine growth, this is neither a "Truss moment” for France nor will it lead to a repeat of the 2012 European debt crisis.
Prime Minister Michel Barnier will resign after losing the no-confidence vote in the National Assembly triggered by his attempt to force his budget through, marking the shortest tenure in the history of the modern French Republic. Meanwhile, as French law precludes an election until July, President Emanuel Macron will appoint a replacement.
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