Here are three takeaways.

French debt will be the priority

Antoine Armand, a 33-year-old lawmaker from Macron’s party, inherits from Bruno Le Maire the economy and finance ministries — and huge challenges. He is tasked not only with slashing France’s massive deficit, but coming up with a multi-year budget to send to Brussels in just a few days to to avoid an EU fine.

France is under a so-called excessive deficit procedure for breaching EU spending rules last year and is required to come up with a credible deficit reduction trajectory and a list of pro-growth reforms. At the same time, Armand is under pressure from his party allies not to raise taxes.

But, when it comes to the budget, the new minister won’t have the superpowers that Bruno Le Maire used to have. In France, the junior minister for budget is usually placed under the authority of the economy and finance minister. But, this time, despite being from Macron’s party, new Junior Budget Minister Laurent Saint-Martin will report directly to the prime minister’s office, in a sign that Barnier wants to keep a direct control over the budget.

Saint-Martin was the top lawmaker in charge of the budget between 2020 and 2022, when France’s spending bonanza reached its height during the coronavirus pandemic and the energy crisis.

The fact Saint-Martin will be placed under Barnier’s authority is yet another sign that the new prime minister will be directly involved in budget talks with Brussels.