Emmanuel Macron has not issued or signaled any presidential decree for a nationwide referendum by year-end, despite occasional past references to the mechanism under Article 11 or shared-initiative procedures. Recent developments center on legislative revisions instead: after the Constitutional Council struck down the under-15 social media ban in August 2026, the president directed Prime Minister Sébastien Lecornu to prepare a revised bill targeting implementation by spring 2027 rather than direct voter consultation. With the presidential election already scheduled for April-May 2027 and a fragmented National Assembly, Macron’s administration has prioritized parliamentary and constitutional routes over referendums, consistent with earlier unfulfilled mentions on issues like end-of-life care. Trader consensus reflected in the 67.9% “No” price aligns with this absence of concrete action or acute deadlock requiring a popular vote before December 31.