Eric Lombard Appointed Minister of Finance in France's New Cabinet

Investing.com -- French President Emmanuel Macron appointed Eric Lombard, the current head of Caisse des Depots Group, as the country's new finance minister on Monday. Lombard, an experienced finance professional with close ties to the left, is part of the new cabinet announced by Macron.

Caisse des Depots Group is a financial institution that has been operating for two centuries and is accountable to parliament. Lombard's immediate task is to urgently repair France's finances following the collapse of the previous administration due to disputes over next year's budget.

Lombard will play a key role in the new government led by French Prime Minister Francois Bayrou. The government has an urgent goal of rapidly passing a budget for 2025, which will be subject to potential no-confidence votes from the opposition.

However, it may be challenging to gain support for the proposed legislation in the National Assembly. Macron's lawmakers are in a minority there, and opposition parties do not appear very willing to negotiate.

France has been facing political turmoil since Macron dissolved the National Assembly and called for elections in June. The elections resulted in the lower house being divided among three conflicting blocs: the leftist New Popular Front coalition, Marine Le Pen's far-right party, and centrist parties largely supporting the president.

The previous government, led by Michel Barnier, was overthrown due to a budget dispute. The French far-right and far-left had united their forces to bring down the Barnier government.

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