French President Emmanuel Macron's decision to call for snap elections following his party's defeat in the European Parliament elections has ignited a political storm in France. Macron's aim to form a coalition to counter the far-right led by Marine Le Pen poses risks of inadvertently strengthening the far-right and causing governmental decision-making paralysis.
The dissolution of the French Parliament by Macron has triggered a series of political maneuvers as different factions seek to form coalitions, with uncertainties looming over the upcoming elections. The economic repercussions of Macron's decision are also evident, with French banks, energy, and motorway stocks experiencing sharp declines, reflecting investor concerns over the potential policies of the far-right party.
The projected outcome of the snap election indicates the National Rally party's potential victory without an absolute majority, hinting at the possibility of a wide-ranging coalition or a hung parliament. The situation in France has drawn comparisons to Germany, where pressure is mounting on Chancellor Olaf Scholz to also consider snap elections following his coalition parties' defeat in the EU elections.
Macron's potential endorsement of Ursula von der Leyen as EU chief is viewed as an attempt to maintain stability amidst the political and economic turbulence in Europe.
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