The French president decided to call a snap election in a last ditch effort to try and salvage the situation. Marine Le Pen’s National Rally faction looks set to win 33% of the vote – more than doubling Macron’s 15%.
Without a majority, Macron would be in a tough spot in trying to push forward with any legislation. So, this move is essentially a vote of confidence on him. It he has the votes, it means the people are giving him another chance. If he doesn’t, that is the end of the road.
He could have waited until after the Olympics, which would’ve been a bit of a distraction. But the progress from Le Pen’s faction has been inevitable.
Given the circumstances, it would be favourable to assume that we’ll see another victory for National Rally again at the elections at the end of the month. The first round of voting is expected for 30 June, with the second round on 7 July.
As much as France is stealing the headlines, Macron isn’t the only one suffering a major setback from the latest European parliamentary elections.
Germany’s far-right faction AfD took second spot in the polls, underlining the building momentum ahead of next year’s federal election. The projection shows that they are to secure ~16% of the vote, its best ever showing.
And in Austria, the far-right faction Freedom Party has topped the country’s poll for the first time – gathering nearly 26% of the vote. The governing conservative faction OeVP only looks set to pick up 24% of the vote this time.
The biggest loser appears to be green parties overall. But they and the left-wing factions fared better in the likes of Denmark, Finland, and Sweden.
This article was written by Justin Low at www.forexlive.com.
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