Macron Calls Snap Elections After Far-Right Gains 35% in EU Vote, Brexit-Level Risk

Jun 12, 2024, 03:25 PM

French President Emmanuel Macron has called for snap parliamentary elections following a significant defeat in the European parliamentary vote, where the far-right National Rally, led by populist leader Marine Le Pen, made substantial gains, winning 35% of the vote compared to Macron's 18%. Macron's decision to dissolve the National Assembly is seen as a high-risk move, likened to a Brexit-level risk, aimed at countering the rise of the far-right and uniting moderate political forces. He has appealed to social democrats, greens, and Christian democrats to form a governing pact to prevent the far-right from gaining power. Macron's approval ratings have plummeted, and polls indicate that his party is likely to lose badly in the upcoming elections. The finance minister has warned that a far-right victory could trigger a debt crisis similar to the UK's recent gilt market turmoil. Macron has defended his decision, stating that it was the only way to clarify the political situation and prevent the far-right from gaining power in 2027.