“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.

Far-right leader Marine Le Pen, who holds outsize leverage in France’s split parliament, gave Prime Minister Michel Barnier until Monday to adhere to her budget red lines before she decides whether to topple the government.

French Prime Minister Michel Barnier on Thursday announced a major concession in a bid to end a standoff with the opposition over the budget, which has caused jitters on financial markets and risks bringing down his minority government.