French President, Emmanuel Macron

France is facing a major political crisis as the country’s far-left and far-right parties have submitted no-confidence motions against Prime Minister Michel Barnier, pushing his fragile government toward likely collapse later this week.

The fallout has already unsettled financial markets, with investors dumping French assets, widening bond spreads, and weakening the euro.

Far-right National Rally (RN) leader Marine Le Pen announced her party’s motion on Monday, accusing Barnier of worsening the country’s woes since his appointment in September.

“The French have had enough,” Le Pen declared, adding that the RN would also support a similar motion tabled by the left-wing coalition.

The parliamentary vote, expected on Wednesday, might likely lead to a removal of Barnier’s government, the first collapse through a no-confidence vote since 1962 as a combined majority of RN and left-wing lawmakers could ensure the motions’ success, barring any unexpected developments.

The government’s precarious position follows Barnier’s controversial move to bypass a parliamentary vote on a contentious social security bill, intensifying calls for his resignation.