“The clock is ticking,” was one of Michel Barnier’s favourite lines as the EU’s chief Brexit negotiator, when he perfected the art of using deadlines to strengthen his hand. Now, as France’s prime minister, he is the one running out of time.

On Friday, the world's leading credit rating agency kept France's credit rating unchanged, but expressed concern about the 'considerable risk' that the government's planned cost-cutting measures will not materialize.