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What gives our politics their flavour of monarchy is just the fact that the governement is choosen by the prez' and that we are used to it. It's not implemented in the text and we had various episodes when this was true (the last being probably between 2005 and 2007 when chirac was physically unable to preside).
This led to some squabbles under previous cohabitations, as I recall, but ended with governments backing off. It was actually no big deal (stuff like who represents France at a NATO meeting), because there is disappointingly little difference between PS and UMP in either domain.
This will be very different under a Le Pen cohabitation. Which is why I foresee both foreign adventures and constitutional crisis. Imagine, for example, a unilateral declaration by President Le Pen of a withdrawal from the Schengen area. It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
And he has to sign the laws passed by his government. It's an obilgation, even if he could delay them a litle. The french constitution is a lot less presidential than what is usually considered. It's just that, after the III and IV republic regimes, we sort of collectively choose a more presidential regime over the situation that prevailed before. And even this consensu is being modified in the last years, as more and more people ask for a return to IV republic era mechanisms.
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