Why France's political, economic mess is a global warning

Driving the news: Sébastien Lecornu, in the post for less than one month, is the latest to fail in efforts to secure a budget that would appease far-right politicians, French constituents and the bond market.

• "For the past three weeks, however, I have built, or tried to build, the conditions needed to pass a budget for France," Lecornu said Monday, according to Le Monde's transcript of his address.
• "[T]he necessary conditions were no longer in place for me to serve as prime minister," Lecornu, now the shortest-serving premier in France's history, said.

The big picture: The surprising resignation rattled financial markets, with stocks dropping almost 2% and yields spiking on French government bonds.

• The crisis in France has spooked investors, with plummeting confidence that the nation will be able to shrink deficits, an outcome that requires unpalatable spending cuts and tax hikes.

What to watch: French President Emmanuel Macron has said he would not call snap elections or resign from his post.

• Without a shift in conditions, that sets up the possibility that yet another Macron-appointed prime minister could fail to pass a budget that could ease France's political and fiscal chaos.