Populist far-right parties have seen significant gains in the European Parliament elections, prompting French President Emmanuel Macron to call for snap legislative elections. Macron's party, Renaissance, received only 15% of the vote compared to the far-right National Rally's 31.5%. This decision marks a significant gamble for Macron as he aims to challenge the National Rally party and regain political momentum. The move has sparked debates on potential risks, including the influence of extreme right-wing factions on French governance and German-French cooperation.
The unexpected call for new elections has left European markets unsettled, with the Euro slipping to a one-month low and concerns over France's political stability and economic future. The dollar remains stable, but European assets have faced losses. The political landscape in France and Europe is under scrutiny as Macron dissolved the lower house of Parliament.
In Germany, the far-right Alternative for Germany surged into second place, overtaking Chancellor Olaf Scholz's Social Democratic Party. Populist right parties in Germany, Austria, and Italy made significant gains in the European elections, although pro-European parties still hold the majority. The European People's Party leads in seats, but the rise of parties like AfD and Volt among young voters indicates a shifting political landscape in Europe.
The far-right National Rally's historic result in the European elections has raised concerns about the weakening of climate ambitions in the continent, with the Greens suffering heavy losses. Amid ongoing political turbulence, Macron's decision to dissolve Parliament and call for snap elections underscores the broader challenges facing the political mainstream in Europe.
