French President Emmanuel Macron said on Sunday he would dissolve the country's parliament and call a brand new election through the country's parliament after suffering a heavy defeat within the EU elections.
The shocking news got here after Post-election polls A poll published by public broadcaster France TV found that Marine Le Pen's far-right Rassemblement National (RN) is predicted to receive around 31.5 percent of the vote, while Macron's Renaissance party is predicted to receive 14.5 percent.
“I will not be able … at the end of this day to pretend that nothing has happened,” Macron said in a televised address, in response to a CNBC translation.
The first round of parliamentary elections will happen on June 30, the second round on July 7, Macron said.
After calling on Macron to call recent elections, Le Pen welcomed the news, saying on X: “We are ready for it.”
Calling parliamentary elections is a dangerous move by Macron, who may lose control of France's domestic affairs if Le Pen's RN wins a parliamentary majority. Macron's presidency doesn’t end until 2027 and he cannot run for a 3rd term.
“By unexpectedly escalating the situation in a new parliamentary election, Macron may be hoping to revive his party's fortunes,” said Holger Schmieding, chief economist at Berenberg Bank, in a press release on Sunday evening. “However, unless there is a major change in sentiment, his party is likely to lose significantly in the parliamentary election.”
He added that recent elections would mean additional uncertainty for a “financially troubled France” that could lead on to concern within the markets.
Bardella within the highlight
RN is led in Europe by Jordan Bardella, 28, who has made it his mission to make the acute right acceptable to French youth and beyond. In a Ipsos poll published in MayThirty-two percent of respondents said they might be pleased if Bardella became president in 2027 (ahead of Le Pen, who would are available second with 31 percent).
The nationalist and populist party's election guarantees included “restoring order” in France, closing “radical” mosques and stopping the “migration floodplain”. It also promised to chop VAT on energy bills, put money into nuclear energy and lower the retirement age to 60 “for those who start working early”.
Historic guarantees to depart the EU and the Euro were dropped by Le Pen a while ago because she desired to appeal to a wider range of voters.
“Whether today's result in France and the likely gains in the early parliamentary elections will put Le Pen on course to ultimately become president is, however, a completely different question,” said Schmieding of Berenberg.
“It is easy for them to rail against a president in his second term who has lost popularity. But that is not the same as winning a presidential election (due to take place in 2027) against a new candidate. Much will depend on whether the French centrist parties can put up an attractive candidate against them.”
Polling stations closed on Sunday after the last and most vital voting day for the European Parliament elections. According to initial data, populist, far-right parties achieved record levels of support.
However, the centre-right European People's Party (EPP) is predicted to win nearly all of parliamentary seats again, with barely more seats than before. The far-right Identity and Democracy group, of which RN is a member, has made major gains.
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