PARIS, France: French Prime Minister Franois Bayrou announced plans to renegotiate the contentious pension reform that raised the retirement age from 62 to 64.

The move is an effort to stabilize his minority government and address widespread opposition to the policy.

"I am choosing to put this subject back on the agenda, with the social partners," Bayrou said in his first address to lawmakers at the National Assembly. He emphasized his willingness to explore reforms "without any totems or taboos" while ensuring financial sustainability.

The pension reform, enacted in April 2023 despite mass protests, has been gradually implemented. The Socialists and other opposition parties have urged Bayrou to suspend the reform and reintroduce measures favoring long-career workers and those in physically demanding jobs. Although Bayrou did not announce a suspension, his proposal to renegotiate offers a potential compromise with the left.

"We cannot deteriorate the financial balance of the pension system," Bayrou said, leaving room for adjustments depending on the outcome of negotiations.

Beyond pensions, Bayrou's government faces the urgent task of passing a 2025 budget. An emergency law currently allows the state to levy taxes and cover basic expenses, but a full budget is needed to address France's deficit, projected to hit 6 percent of GDP in 2024. Bayrou has set a goal of reducing it to 3 percent by 2029, aligning with EU rules.

"Major spending cuts will be proposed," Bayrou stated, though he did not provide specifics. He also stressed the importance of strengthening France and the European Union amid global uncertainties, including recent comments by U.S. President-elect Donald Trump.

Bayrou's government relies on a fragile alliance between President Emmanuel Macron's centrist allies and the conservatives, who together lack a parliamentary majority. Opposition from the far-left France Unbowed party remains strong, with its leader Mathilde Panot vowing to file a no-confidence motion.

Meanwhile, the Socialists have shown a willingness to negotiate, with Boris Vallaud, head of the Socialist group in the National Assembly, saying his party will engage in talks on pension reform. However, their ultimate goal remains the reversal of the retirement age hike.

Bayrou has proposed a three-month negotiation period involving unions and employers. If an agreement is reached, new proposals will be introduced into law. Otherwise, Macron's original plan will stand.

Far-right leader Marine Le Pen, whose National Rally party holds the largest single group in the National Assembly, remains a key player. While Bayrou has shifted focus toward negotiating with the left, Le Pen's influence is still significant.

With her party opposing new taxes and benefits for undocumented migrants, Le Pen's stance on the budget will likely shape future debates. However, she faces her own challenges, including a pending court ruling that could bar her from running for office.

Bayrou's approach may buy time, but political tensions and economic constraints suggest a turbulent road ahead.