Michel Barnier was appointed Prime Minister of France following his role in Brexit talks for the EU.

He earned two appointments to the European Commission and led negotiations over Britain’s exit terms with EU officials, acting as chief negotiator in protracted talks that have continued into 2018. On Thursday, Rassemblement National indicated it may consider Barnier for consideration as prime minister on his merits alone. “We will judge his political discourse, budgetary deliberations and actions based on facts,” Jordan Bardella declared in an official party post translated by CNBC on the X social media platform. “Our objective will be to address the pressing needs of French society – purchasing power, security and immigration issues – through any legal means necessary. Should that prove insufficient over the coming weeks, then all options may be pursued to achieve that result.” Rassemblement National leader Marine Le Pen stated on the French social networking service X that she will not participate in a government led by Barnier, according to CNBC translation of her post from there. Le Pen noted, as CNBC translated, that they had anticipated this situation would arise and declared: ‘we now find ourselves in an atmosphere of disarray.” “Now let us see whether Michel Barnier can successfully balance the budget,” she noted. Jean-Luc Melenchon of the leftist New Popular Front group had initially demanded for Jean Barnier to receive the premiership post; instead he has voiced criticism at Barnier being nominated and described him as belonging to one of those parties that placed last in legislative elections, according to CNBC-translated update from X. Market ReactionFrench stocks traded slightly higher following the announcement, yet were 0.4% below their previous session level. CAC 40 index of France has experienced an unsteady year, plunging throughout June but making small gains during July after an outright victory for either far left or far right did not materialise. French borrowing costs surpassed those in Germany due to concerns that populist policies would increase debt load further. French bond yields have since decreased, yet investors remain concerned with France’s large budget deficit and high debt-to-GDP ratio given political paralysis within its National Assembly. Although inflation has since reduced significantly – reaching 1.9% last month – French economic growth remains stagnant at best this year. Beyond any longer-term concerns over its ability to meet European Union-mandated fiscal mandates, questions have also arisen as to whether its parliament can approve the 2025 budget before December. Macron used an extraordinary constitutional provision in 2022 to pass his spending plan for that year, leaving French bonds virtually unchanged by Thursday afternoon. Societe Generale and BNP Paribas, both French banks that had taken significant hits over the summer due to suggestions of interventionist economic policies and tighter regulation, rose 3.17 and 2.6% at 1 pm London respectively at that point – CNBC contributor Charlotte Reed contributed this report.