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France’s Prime Minister Michel Barnier faces a vote of no confidence this afternoon which could bring down his minority government.

“Perhaps, if one is permitted to draw a lesson at such a dramatic moment, his excess of programmatic Europeanism, coupled with a lack of pragmatic Europeanism, has ultimately turned against him. If he had succeeded in realising at least some of the projects he announced, if he had really dared to share with his allies the military and nuclear supremacy he wields in Europe, France and Europe themselves would not be reduced to this pitiful state today.”

“Interest rates would rise. The financial markets are worried about France. They don’t know which way our country is headed. … France’s attractiveness would decline. In recent years, since 2015, France has become more attractive to foreign investors. … But since the dissolution of parliament, investors have been asking themselves: should they invest elsewhere? Should they wait and see if France remains hospitable? Some projects have already been cancelled, others have been scaled back or postponed. The fall of the Barnier government would only fuel this spiral of mistrust.”