In a surprising turn of events, French President Emmanuel Macron has announced snap parliamentary elections following the European Parliament vote results. The far-right National Rally (RN) party, led by Marine Le Pen and Jordan Bardella, received more than double the votes compared to Macron's Renaissance party. This decision comes as a response to the loss of his parliamentary majority in 2002 and the ongoing struggle to pass legislation.
Macron's move could backfire spectacularly if National Rally wins a significant number of seats in these elections, potentially leading to a far-right government. The upcoming legislative elections will take place on June 30 and July 7, just before the Paris Olympics.
The European Parliament vote results were a hard blow for Macron, who has been advocating for Europe-wide efforts to defend Ukraine and the need for the EU to boost its own defenses and industry. The defeat of his centrist party in these elections marks the end of what is known as the 'Attal experiment' and may lead to significant implications for France and Europe.
The legislative elections will have far-reaching consequences, with European politics moving to the right, defense becoming a new area of debate in parliament. The upcoming budget voting could also prove explosive if National Rally gains a majority in the French parliament.
French banks such as BNP Paribas SA and Societe Generale SA have been negatively affected by this decision, with both stocks experiencing significant declines on Monday, leading losses on the Paris market. The Stoxx 600 Index and CAC 40 Index also saw declines in early trading.
The French people will now have the opportunity to exercise their democratic right and decide who they trust to govern their country during these legislative elections.