NeueHouse, the members-only workspace known for its celebrity clientele and lavish design, filed for Chapter 7 bankruptcy in September after announcing the abrupt closure of all its locations across Los Angeles and New York. The move left Monaco’s nearly completed 150-metre-long structure without an operator, just months ahead of its expected shell delivery at the end of 2025.

NeueHouse collapse: a $83 million downfall

The sudden shutdown followed years of financial turmoil and internal mismanagement. According to bankruptcy filings reviewed by the Los Angeles Times, the company’s debts ballooned to $83.7 million by March 2025, with liabilities across leases, failed restaurant ventures, and unpaid taxes.

NeueHouse’s Hollywood flagship — housed in the historic CBS Studios building on Sunset Boulevard — was once a hub for the city’s creative elite. It hosted Netflix premieres, HBO parties, and panels with stars like Keanu Reeves. But behind the scenes, executives had overrun their expansion budget by a reported $40 million and committed to high-rent leases that strained cash flow.

Despite attracting high-profile investors and opening architecturally notable venues, the business model proved unsustainable. By late 2024, it had reportedly ceased rent payments, faced lawsuits, and laid off nearly half its 300 employees. Founder Joshua Abram passed away in August, just one month before the company shuttered completely.

Monaco left without a flagship tenant

In Monaco, the NeueHouse-branded development – approved in 2021 – was intended to house co-working spaces, cultural venues, and a rooftop restaurant, echoing the hybrid model of its US locations. The project was backed by the State and designed by architect Emmanuel Deverini, with early conceptual guidance from Renzo Piano to integrate seamlessly with the adjacent Mareterra extension.

But with NeueHouse now defunct, the future of the site — previously marketed under the NeueHouse name — is unresolved. During September’s Journées européennes du patrimoine, construction manager Romain Bizet confirmed to visitors that the building is structurally close to completion, but its interior remains a blank canvas.

“The shell will be delivered by the end of the year,” Bizet said, “but the layout depends on the future tenant, which hasn’t been confirmed.”

A green gateway with no defined role

The five-level structure, developed by J.B. Pastor & Fils, is one of Monaco’s most visible new urban features. Designed to hide the previously exposed ‘dorsale’ traffic ramp, it will be clad in mature vegetation and planters, aligning aesthetically with Mareterra. The exterior uses the same natural stone and ultra-performance concrete (BFUP) seen in the neighbouring marine extension.

The project also includes a pedestrian plaza, multiple public footbridges and lifts linking boulevard Louis II to the Larvotto and Mareterra zones.

Despite the delays and the tenant setback, the State remains committed to the project. Discussions are believed to be underway with prospective operators, though no public timeline has been given.

When contacted by Monaco Life, the government’s Department of Finance and Economy said it was not appropriate to comment on the situation.

The end of an era, and a pause before the next

The site was previously home to Ni Box, a six-storey youth centre opened in 2010, which included a bowling alley and nightclub. Its demolition signalled Monaco’s shifting focus toward mixed-use, eco-conscious urban design — ambitions that NeueHouse, at least initially, seemed well-suited to deliver.

But the global implosion of the brand has cast doubt over the model itself, leaving behind architecturally ambitious yet empty properties from Venice Beach to Downtown Los Angeles — and now, Monaco.

As the Portier development nears external completion and awaits a new chapter, the name NeueHouse will likely disappear from any future branding.

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Main photo by Monaco Life

]]> https://monacolife.net/monaco-retains-top-spot-as-worlds-most-expensive-property-market/ Wed, 29 Oct 2025 10:05:31 +0000 https://monacolife.net/?p=115006 The micro‑state of Monaco has once again claimed the title of the most expensive place in the world to buy residential real estate, with the average cost now exceeding €62,000 per square metre, according to data from Global Property Guide. This level is nearly three times Hong Kong’s average of €20,400 per square metre and almost six times that of Paris, at approximately €10,500.

Monaco’s exceptional pricing is primarily driven by its extreme scarcity of land. With a total area of just around 2.1 km², the Principality cannot expand outward and relies on high‑rise development and land reclamation to add stock. Iconic projects such as Bay House in the upscale Larvotto district — part of the Testimonio II scheme — and the ambitious €2 billion sea‑extension Mareterra, have added ultra‑prime residences, further boosting values.

A market shaped by stability, luxury and long‑term residence

Beyond the limited supply, Monaco’s property market is sustained by strong structural factors: political and economic stability, favourable tax arrangements -notably no personal income tax for most residents – and its reputation as a secure, long‑term home rather than a speculative playground.

Steady upward trend over the past decade

In 2013 the average price per square metre in Monaco was around €35,000; by 2020 it had reached approximately €48,000. The current figure of over €62,000 reflects a sustained upward trend, underpinned by enduring demand and the unique urban‑economic model of the Principality. Analysts see little reason for its top‑ranked status to be challenged in the near future.

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Photo credit: Richard McCreery, Monaco Life

]]> https://monacolife.net/charles-kushner-formally-takes-post-as-us-ambassador-to-monaco-in-ceremony-with-prince-albert-ii/ Tue, 28 Oct 2025 09:45:51 +0000 https://monacolife.net/?p=115168 Charles Kushner, the billionaire real estate developer and influential patriarch of one of America’s most politically connected families, was formally welcomed to Monaco on Monday 27th October as the new United States Ambassador to the Principality. In a ceremony at the Prince’s Palace, Kushner presented his credentials to Prince Albert II, marking the start of a high-profile diplomatic chapter for a figure better known for his presence in Manhattan boardrooms and behind-the-scenes politics.

Flanked by Isabelle Berro-Amadeï, Monaco’s Minister of Foreign Affairs and Cooperation, and received earlier in the day by Minister of State Christophe Mirmand, Kushner presented his credentials to Prince Albert II in a protocol that sealed his dual appointment — not only to Monaco, but also to the French Republic.

The ceremony was followed by a luncheon hosted by Prince Albert II and Princess Charlene, signalling the Principality’s recognition of Kushner’s arrival and the continuation of strong transatlantic ties.

A powerful presence behind the scenes — and now centre stage

For many in Monaco and beyond, the name Charles Kushner may carry as much weight for who he is as for who he raised. A billionaire real estate developer, he is the founder of Kushner Companies, one of the most recognisable family-run property firms in New York City. But globally, he is best known as the father of Jared Kushner, senior advisor and son-in-law to President Donald J. Trump, who returned to the White House in January 2025 for a second term.

Kushner’s influence in American political and business circles is well-established — though not without controversy. In 2005, he was convicted on charges including tax evasion and witness tampering, serving a brief prison sentence before being pardoned by President Trump in December 2020. That pardon reignited public debate in the US, with critics calling it an example of political favouritism, while supporters saw it as the closing of a chapter long behind him.

Now, at 71, Kushner takes on a new public role — representing the United States in one of Europe’s most exclusive and strategically symbolic nations.

A unique diplomatic post, at the crossroads of power and prestige

The Monaco ambassadorship, though small in geographic scope, holds cultural and economic significance. From luxury and finance to sustainability and soft diplomacy, Monaco offers a platform for influence well beyond its borders. The fact that this role has been entrusted to a figure like Charles Kushner is both a nod to his status and a reflection of the close-knit network of American political power.

Educated at New York University (BA and MBA) and holding a Doctor of Law from Hofstra University, Kushner has also received honorary doctorates from Yeshiva University and Touro College. Beyond business, he has served on the United States Holocaust Memorial Council and the Port Authority of New York and New Jersey, and is known for his philanthropic contributions, particularly within the Jewish-American community.

The Kushner brand abroad

As Ambassador to Monaco — and simultaneously to France — Kushner enters European diplomacy as both a political appointee and a global brand name. His family’s continued proximity to the Trump administration, through Jared’s senior advisory role, ensures that Charles Kushner’s actions abroad will carry weight back in Washington.

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Photo: Surrounding Prince Albert II and Princess Charlene: Charles Kushner, Ambassador Extraordinary and Plenipotentiary of the United States to Monaco, and his wife Seryl Kushner; Isabelle Berro-Amadeï, Minister of Foreign Affairs and Cooperation; and Christophe Mirmand, Minister of State. Credit: Manuel Vitali, Government Communications Department 

]]> https://monacolife.net/fatf-recognises-monacos-progress-on-anti-money-laundering-reforms-but-work-remains/ Mon, 27 Oct 2025 11:00:04 +0000 https://monacolife.net/?p=115090 The Financial Action Task Force (FATF) has acknowledged Monaco’s “steps towards improving” its anti-money laundering and counter-terrorism financing (AML/CFT) regime, following a review during its plenary session held in Paris from 22nd to 24th October.

In its post-plenary statement, the FATF acknowledged that Monaco has made tangible progress since committing in June 2024 to address weaknesses in its anti-money laundering and counter-terrorism financing framework. Key improvements include expanded resources for the Financial Intelligence Unit (FIU), stronger international cooperation to trace and confiscate criminal assets, and greater prosecutorial capacity.

“Since June 2024, when Monaco made a high-level political commitment to work with the FATF and MONEYVAL to strengthen the effectiveness of its AML/CFT regime, Monaco has taken steps towards improving its AML/CFT regime on many of its action items,” the FATF said. These included “demonstrating a sustained increase in outbound requests to identify and seek the seizure of criminal assets abroad, completing its resourcing program for its FIU, enhancing judicial efficiency by increasing resources for prosecutors and increasing the seizure of property suspected to derive from criminal activities.”

However, the FATF also called on Monaco to continue implementing its action plan in three key areas: enhancing the application of sanctions for AML/CFT breaches, improving the timeliness of suspicious transaction reporting, and ensuring sanctions for money laundering offences are proportionate, dissuasive and effectively enforced.

Progress report adopted in Paris

A Monegasque delegation presented its second official progress report during the plenary session in Paris. According to the Monaco government, this report — part of an agreed timetable set in June 2024 — outlines reforms already completed, some ahead of schedule.

Authorities in the Principality highlighted a broad national effort behind the improvements, including the strengthening of the FIU, the recruitment of three magistrates to boost capacity within the General Prosecutor’s Office, and an increase in the seizure of criminal assets both domestically and through international cooperation.

The government also underlined that these reforms were not limited to actions scheduled for the current phase of the FATF review but form part of a long-term strategy driven by Monaco’s national coordination committee and supported by a permanent secretariat created in 2024.

Still on the grey list, under continued scrutiny

Monaco remains under increased monitoring by the FATF — a designation that does not trigger automatic sanctions or restrictions, but does signal that strategic deficiencies remain. The FATF does not call for enhanced due diligence against such jurisdictions but encourages countries to take a risk-based approach.

In total, Monaco was one of 19 countries whose progress was reviewed during the October 2025 plenary. Others include Algeria, Lebanon, Venezuela, and the Virgin Islands. The FATF has reiterated its call for all jurisdictions under increased monitoring to complete their action plans “expeditiously and within the agreed timeframes”.

The Principality says it remains fully committed to this process. “Monaco will continue its close cooperation with the FATF and Moneyval,” a government statement said, “with the aim of completing the action plan and leaving the grey list as soon as possible.”

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Photo credit: Richard McCreery, Monaco Life

]]> https://monacolife.net/ubs-brings-its-women-investment-circle-to-monaco/ Wed, 22 Oct 2025 23:41:37 +0000 https://monacolife.net/?p=114926 Emma Wheeler, Executive Director and Head of Women’s Wealth and UBS Global Wealth Management, visited Monaco this week to launch the first local edition of the programme, which aims to boost women’s financial confidence and participation in investment decisions. 

“We could see that women were largely dissatisfied with the advice that they were receiving from their wealth managers. They felt misunderstood,” Wheeler told Monaco Life. “We always wanted to be part of the solution to that.”

The paradox is quite striking. While women are increasingly earning and inheriting wealth, they often step back when it comes to major investment decisions. Research shows that 51% of millennial women defer large investment decisions to their spouse after marriage, despite 88% being comfortable with long-term finance while single.

“In the average household, women are typically the CFO (the Chief Financial Officer),” Wheeler explained. “They set up the monthly budget, pay the bills. But male partners tend to be the CIO (the Chief Investment Officer) taking the lead on retirement planning and longer-term investments.”

However, this division extends beyond individual households. Only 4% of family office principals globally are women, and just 18% of portfolio managers in the US are female.

The seven-step programme

The Women’s Investment Circle, which has been running globally since January 2017, seeks to address this imbalance through education and confidence building. The dedicated financial education programme consists of seven-hour-long sessions designed specifically to speak to women’s need and concerns.

“What we’ve seen as we talk to our female clients around the world is that many of them lack financial knowledge,” Wheeler said. “That’s because women haven’t been part of the financial decision-making processes in their families over time.”

The programme covers topics ranging from an introduction to financial markets to more nuanced subjects such as “financial EQ” – what Wheeler describes as “the more emotional quotient of wealth”, and financial parenting, helping parents instil good money habits in their children from an early age.

Breaking down barriers

Mariana Mamou, UBS’s CIO, Head Advice Beyond Investing, explained that women’s hesitation around investing isn’t about risk aversion but rather about risk perception.

“We think that they are more risk-cautious,” Mamou explained. “Risk perception has to do a lot with experience and knowledge. If something is new, and you haven’t tried it before, it looks a bit scarier. The financial services speak in jargon, they’re not accessible and understood, make it intimidating.”

The approach though seems to be working. Once women do engage with investing, research shows they often outperform their male counterparts. “Women make more calculated risk decisions,” said Mamou. “They are more disciplined. They perform better. They become better investors.”

Wheeler agreed: “There’s less gut instinct involved in women’s decision-making when it comes to investing. So, you could say that they’re less emotional than men as investors.”

The timing of the programme’s Monaco launch couldn’t be more crucial. Wheeler highlighted what she calls “the great wealth transfer” – a historic demographic shift from the baby boomer generation to millennials and Gen Z.

“This wealth transfer over the next 20 to 25 years is going to be worth about $83 trillion, and the lion’s share of that will go to women,” Wheeler said. Recent research from Capgemini suggests that 57% of this transfer will end up in women’s hands.

“For the first time in history, we really are a serious economic force and owning and controlling more wealth than men,” Wheeler said. “But that’s why we need to get women investing right? Because otherwise, we’re going to face an economic hole.”

Different investment preferences

Both Wheeler and Mamou noted that women do have distinct investment preferences, though these often stem from education and experience rather than inherent traits.

“Women are more inclined to invest in themselves when they see that the investment risk also benefits from a social perspective,” Mamou explained. “There is more sustainability impact that blends in their interest.”

However, once women gain financial knowledge and confidence, their portfolios become more diversified and perform well. “The actual portfolio may not look different than men’s,” Mamou said. “We make great investors.”

Wheeler also noted a generational shift in women’s relationship with wealth. During a recent summit in Panama, a young female entrepreneur told her: “What’s different between my generation and yours is that I see female leaders all around me every day, because it’s in my social media algorithm.”

“I thought that was a fascinating point,” Wheeler said. “In my lifetime, for example, I’ve known of the Queen and maybe Sheryl Sandberg, but they were very distant from my actual world. But on your phone, they’re actually there. And that really is empowering.”

Getting started

For women looking to become more involved in investment decisions, Wheeler’s advice is to start small and build confidence gradually through trusted environments where they can ask question without judgement.

“That’s what we found is the biggest challenge…where do I get started?” she said, noting that UBS has developed tools specifically designed to help women overcome that first hurdle.

The Women’s Investment Circle in Monaco will offer local women the opportunity to develop their financial knowledge and confidence alongside other women facing similar challenges.

“Women make great investors,” Wheeler concluded. “We just need to get them over than first hurdle and build their confidence. The time for women to step up is now.”

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Main photo of Emma Wheeler provided. 

The initiative welcomes entrepreneurs from around the world who are ready to establish or scale their venture from Monaco. Ideal candidates are founding teams with a strong commitment to tackling major societal challenges.

Targeted sectors and criteria

MonacoTech is particularly seeking early‑stage technology projects which already have a functional prototype and some form of market validation – such as tests, initial users or partnerships. The stated go‑to‑market horizon is less than 18 months. Strategic sectors include GreenTech, BioTech, MedTech, BlueTech/Smart Yachting and Digital – with a special interest in AI‑powered solutions delivering meaningful impact. Projects outside these domains may also be considered if they show strong potential for development from Monaco.

Application timetable and selection process

The application window runs from 14th October to 24th November 2025 (midnight). Shortlisted applicants will participate in video interviews during December. The final stage will see selected finalists pitch to a panel of experts in January 2026. The successful start‑ups will begin the MonacoTech programme in March 2026.

Programme offerings and strategic positioning

Once accepted, start‑ups will enter an 18‑month tailored incubation phase, benefitting from access to technical and financial resources, a network of high‑level experts and exclusive networking opportunities.

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]]> https://monacolife.net/from-wind-energy-to-gold-investment-startups-pitch-innovation-at-k2match-investor-lounge/ Mon, 20 Oct 2025 18:54:15 +0000 https://monacolife.net/?p=114491 The K2Match Investor Lounge returned once again to Monaco for its 7th edition on October 16th, bringing together a fresh lineup of innovative startups and international investors at the Columbus Monte-Carlo hotel. 

The evening followed the familiar format of champagne networking before founders presented their ventures to investors from Europe, the US, and Asia, seeking funding to scale their operations.

Among the notable presentation’s was Mark Graham’s. Graham is the founder of Spark Education AI, a reading comprehension app designed to address the global literacy crisis affecting students aged six to 14.

The platform allows students to create personalised texts based on their own interests, matched to their reading age. “Whether they want to go to the moon with Neil Armstrong or win the World Cup with Messi, they get to create the story and live the dream,” Graham explained to Monaco Life.

Beyond text generation, Spark includes curriculum-aligned assessments, instant comprehension feedback, and teacher data analytics, all with gamification features to encourage regular use. Priced at £9 per student per year, the app incorporates the NGRT assessment, the world’s most widely used literacy test. Schools currently pay around £25 annually to administer this assessment, making Spark’s daily intervention tool less than half the price.

Graham revealed that the startup has signed a distribution deal with YPO, the UK’s largest educational supplier, giving them access to over 20,000 schools. “For us, it’s about acceleration,” he said. “We’re currently running on a no-code build, but we want to move to a full code build. We know we’re already about 12 months ahead of the competition, so we want to maintain that momentum.”

Harnessing high-altitude winds

EnerKite CEO Florian Breipohl also pitched his company’s airborne wind energy system, which uses kites to reach high-altitude winds and generate power on the ground.

The German company’s technology targets medium-sized businesses and small farms with decentralised wind energy solutions. Unlike conventional wind turbines that requite substantial tower structures. EnerKite’s system uses a ground station with drums and generators, with kites flying in figure eight patterns at heights up to 200 metres.

“We’re always operational,” Breipohl explained. “Our unique launch system allows us to launch the kit even when there’s no wind on the ground. At 200 metres, a soft breeze is enough to start power production.”

The system claims to deliver twice the annual yield of conventional wind turbines of the same rated power while using 90% less steel and concrete. EnerKite estimates their technology can operate economically on around 80% of the world’s land area, compared to just 25% for traditional wind turbines.

Democratic gold investment through blockchain

Fabiano de Marco, founder of Excelior, presented his Swiss company’s blockchain-based gold investment platform, designed to make gold ownership accessible to everyone.

“We’ve tokenised gold, a physical asset that has existed for 6,000 years, and brought it to the next level in blockchain,” de Marco said. “In a moment when they are geopolitical problems, gold represents that lifeline to hold onto in times of difficulty.”

Excelior’s plans start from €100 per month, allowing investors to purchase grams of Swiss-refined gold stored in Switzerland through small, regular contributions. The platform accepts both traditional currency and cryptocurrency payments.

“The little added to the little over time becomes a lot,” de Marco explained. “Anyone with any capital can protect themselves by buying gold.”

Other notable presentations included a Korean delegation led by Taejun (Dylan) Kim from Raven Materials, showcasing the world’s first commercial-grade black TiO2 for applications in displays, defense, and solar cells. Kim was joined by Beamy Shin from DeepTech accelerator SYP, Julie Youngju Choi from Kiaora Ventures, and Freya Choi, Partner at K2MATCH Asia.

The October event maintained K2Match’s focus on founder phycology and mental readiness, themes highlighted in previous editions. The platform continues to connect its network of over 1,500 curated startups with more than 450 investors globally, facilitating funding from €50,000 to several million across all stages.

As the evening closed with networking over finger food and an open bar, startups and investors continued discussions that could shape the next phase of growth for these emerging companies.

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Main photo of Badr Moudden, Ceo & Co-Founder of K2Match, credit: Monaco Life.

Titled Harcèlement et violence au travail, the document sets out what constitutes inappropriate behaviour and how public employees can report incidents through existing administrative channels. It also explains the rights of those involved, whether victims, witnesses, or the accused.

The guide was developed by the General Inspectorate of Administration, the Directorate of Human Resources and Public Service Training, and the Directorate of Legal Affairs. It follows the 2017 legislation on workplace protection and is intended as a reference for staff within all levels of public administration.

It also includes practical details on reporting mechanisms and clarifies the role of managers in addressing complaints. The publication points to collective responsibility across government departments in identifying and handling workplace misconduct.

The guide is available on the government’s intranet, the Mon Service Public portal, and can be downloaded via QR code on mobile devices.

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Photo credit: Richard McCreery, Monaco Life

]]> https://monacolife.net/monaco-signs-updated-tax-transparency-agreement-with-eu-in-brussels/ Wed, 15 Oct 2025 13:55:09 +0000 https://monacolife.net/?p=114378 The Principality of Monaco has reaffirmed its commitment to global tax transparency by signing a revised protocol with the European Union, aimed at strengthening the automatic exchange of financial account information.

The official signing ceremony took place in Brussels on 13th October, where Monaco joined Andorra, San Marino, and Liechtenstein in updating their respective agreements with the EU. The changes bring the accords in line with the OECD’s 2023 revisions to the global standard on financial information exchange, introducing tighter reporting obligations for financial institutions.

Representing the Principality, Pierre-André Chiappori, Monaco’s Minister of Finance and Economy, reaffirmed Monaco’s “unwavering commitment to the highest international tax standards”. According to a government statement, he described the updates as essential for keeping pace with the OECD’s evolving expectations and maintaining Monaco’s compliance in international financial reporting and tax transparency.

A balanced approach

Chiappori also highlighted the importance of continued collaboration with the EU while preserving Monaco’s fiscal sovereignty. “The Principality remains firmly engaged in the fight against tax fraud and evasion,” he said during his remarks.

The revised protocol will officially enter into force on 1st January 2026, marking another milestone in Monaco’s steady alignment with international regulatory frameworks.

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Photo source: Government Communications Department

]]> https://monacolife.net/new-french-government-faces-early-turbulence-as-macron-defends-lecornu/ Mon, 13 Oct 2025 13:06:35 +0000 https://monacolife.net/?p=114270 Just days into his second mandate as Prime Minister, Sébastien Lecornu is under pressure from all sides, with censure motions, party expulsions and warnings from President Emmanuel Macron against political destabilisation.

Sébastien Lecornu officially launched his new government in Paris on Monday 13th October, following his reappointment as Prime Minister by President Emmanuel Macron on Friday. The unveiling of his 34-member cabinet — a mix of political veterans and technical profiles — comes at a moment of heightened political tension in France, with immediate threats from both the left and the far right.

Lecornu’s top priority is passing the 2026 budget in a deeply fractured National Assembly. But his government is already walking a tightrope, facing multiple motions of censure just days after taking office.

Right-wing backlash and party expulsions

Six ministers affiliated with Les Républicains were expelled from the party over the weekend after defying party orders to join Lecornu’s cabinet. The decision deepens the rift between the executive and the conservative wing of French politics, as Les Républicains leader Bruno Retailleau seeks to reinforce party discipline.

On the left, Mathilde Panot of La France Insoumise announced a motion of censure signed by insoumis, Green, Communist and overseas MPs. Far-right leader Marine Le Pen also confirmed her party would submit a censure motion.“Don’t unpack your boxes too quickly,” Panot warned on X. “Censure is coming.”

Macron accuses rivals of sowing instability

From Egypt, where he is on a state visit, President Emmanuel Macron responded to the political storm, warning unnamed “forces” in Parliament of fuelling division at a critical moment for the country.

“Too many have failed to meet the moment with the seriousness expected by the French,” he said. “They have fed speculation and division.”

Macron reaffirmed his support for Lecornu, praising his ministers as “committed to moving the country forward with calm, stability and ambition”.

Quiet launch, tough weeks ahead

In contrast to previous reshuffles, the formation of the new cabinet was deliberately subdued. There were no public ceremonies or media appearances. Ministers were asked to hold their handovers in private, and the team met behind closed doors at Matignon on Monday afternoon.

The government’s first Council of Ministers is scheduled for Tuesday morning. That will be followed by Lecornu’s much-anticipated declaration of general policy and a likely confidence vote — a moment that could determine the short-term survival of the new government.

With no outright majority in the Assembly and a deeply polarised opposition, Lecornu’s second term begins in extremely delicate conditions. His ability to deliver a budget and avoid a collapse will test both his political skill and Macron’s long-term strategy for stabilising the executive.

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Photo credit: Anthony Delanoix, Unsplash