PARIS — French President Emmanuel Macron on Friday named centrist ally François Bayrou as prime minister in an effort to address the country’s deep political crisis, after a historic parliamentary vote ousted the previous government last week.

Bayrou, 73, a crucial partner in Macron’s centrist alliance, has been a well-known figure in French politics for decades. His political experience is seen as key in efforts to restore stability as no single party holds a majority at the National Assembly.

Macron’s office said in a statement that Bayrou “has been charged with forming a new government.”

Former Prime Minister Michel Barnier resigned last week following a no-confidence vote prompted by budget disputes in the National Assembly, leaving France without a functioning government. Macron in an address to the nation vowed to remain in office until his term ends in 2027.

Bayrou vows to seek ‘needed reconciliation’

During the handover ceremony, Bayrou said that “no one knows the difficulty of the situation better” than he does.

“I’ve taken reckless risks all along my political life to raise the issue of debt and deficits in the most important elections,” he said.

France is under pressure from the European Union’s executive body and financial markets to reduce its colossal debt, estimated to reach 6% of its gross domestic product this year.

“I know that the risks of difficulties are much greater than the chances of success,” Bayrou said, adding that he hopes to lead the country toward a “needed reconciliation.”

“I think this is the only possible path to success,” he said.

Bayrou is expected to hold talks with political leaders from various parties in the coming days in order to choose new ministers.

A difficult political challenge

The task before him is challenging as Macron’s centrist alliance does not have a majority in parliament and Bayrou’s Cabinet will need to rely on moderate lawmakers from both the left and right to be able to stay in power.

Some conservatives are expected to be part of the new government.

Macron’s strategy aims at preventing far-right leader Marine Le Pen from holding “make or break” power over the government. Le Pen helped oust Barnier by joining her National Rally party’s forces to the left to pass the no-confidence motion last week.

Le Pen said on Friday that her party will adopt a wait-and-see approach for now and called on Bayrou to “hear” her voters’ demands, including preserving their purchasing power.

Bayrou’s appointment comes also in line with Macron’s efforts to build a nonaggression pact with the Socialists so that they wouldn’t support any future move to topple the new government.

The Socialists said Friday they would not take part in the new Cabinet but did not rule out possible “compromises” regarding policies. They asked Bayrou for a commitment not to use a special constitutional power to pass a law without a vote at parliament.