French Prime Minister Lecornu to propose suspending pension reform law

Samy Adghirni and William Horobin, Bloomberg News on Oct 14, 2025

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PARIS — French Prime Minister Sebastien Lecornu said he would propose suspending application of the country’s pension reform, sacrificing one of President Emmanuel Macron’s key economic measures in an endgame bid for political stability.

“I will propose to Parliament that we suspend the 2023 pension reform until after the presidential election,” he said. “There will be no increase in the retirement age between now and January 2028.”

While French bond yields remained in a range after Lecornu’s speech, there’s a clear market reaction to his speech on the equities side. A Barclays basket of French stocks containing companies most exposed to the country’s economy reversed losses and gained 0.6%. Construction and real estate stocks lead the rally, while banks also gain ground with Societe Generale up 1.4%.

Lecornu made the concession as his premiership hangs by a thread. He resigned eight days ago amid infighting within his Cabinet, before accepting another mandate on Friday. Macron gave him “carte blanche” to navigate a path out of the crisis.

Marine Le Pen’s far-right National Rally and the far left have vowed to try to topple him in no-confidence votes that will be held Thursday morning. The Socialist Party, which holds a crucial role in the National Assembly, said they would only back the government in the votes if the pension law was suspended.

Macron’s grip on power has weakened dramatically since his ill-fated gamble on snap elections last year, which hobbled his centrist supporters and delivered a parliament fractured between irreconcilable blocs.

Lawmakers already forced both Lecornu’s predecessors — Michel Barnier and Francois Bayrou — to resign over their plans to rein in what has become the largest budget deficit in the euro area. If the National Assembly forces out Lecornu on Thursday, Macron has told ministers it would amount to a “dissolution motion,” indicating he could well dissolve parliament and call fresh elections.

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—With assistance from Blaise Robinson.