France’s Macron: From now on, a new era must start with new compromises
French President Emmanuel Macron said on Thursday that he will name a new Prime Minister in the coming days whose top priority will be getting a 2025 budget adopted by parliament, per Reuter.
Key quotes
- Says he will carry out his full mandate as President.
- Says he will name a new Prime Minister within days.
- Calls for snap elections this summer is a decision that political actors haven't understood.
- Early next year, the new government will draft a new budget bill.
- New budget will allow for needed investments.
Market reaction
At the time of writing, the EUR/USD pair is trading unchanged on the day to trade at 1.0583.
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The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day, according to data from the Bank of International Settlements. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% of all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).
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