The French government collapsed on Wednesday as parliament voted to oust Prime Minister Michel Barnier and his cabinet, throwing the nation into the worst political and fiscal turmoil in decades. Why it matters: The chaos leaves Europe's second largest economy without a functioning government for the first time in 60 years — the most severe fallout to date from the efforts to shrink its deficit.

A political crisis in France, weeks after the German government collapse, could leave two of Europe’s most powerful players rudderless at an uncertain moment.

The French government was toppled Wednesday after far-left and far-right lawmakers joined forces to pass a no-confidence measure against Prime Minister Michel Barnier and his Cabinet.