This market will resolve to "Yes" if Emmanuel Macron convenes the electorate for a nationwide referendum by December 31, 2025, 11:59 PM ET. Otherwise, this market will resolve to "No." To qualify, the Journal officiel de la République française must publish a presidential decree, signed by Emmanuel Macron, deciding to submit a text to a nationwide referendum, for example, through Article 11, Article 89, or via the référendum d’initiative partagée (RIP). Any such decree will qualify, even if the President did not support the initiative. A mere public announcement from Emmanuel Macron will not suffice. Any referendum initiated through any procedure not requiring a presidential decree will not qualify. If Emmanuel Macron ceases to be President of France before issuing a qualifying presidential decree, this market will resolve to "No" immediately. This market will resolve as soon as a qualifying decree is officially published, regardless of when and whether a referendum is held. The primary resolution source will be the Journal officiel "Lois et Décrets" on Légifrance (https://www.legifrance.gouv.fr/jorf/jo); however, a consensus of credible reporting will also be used.