In a stunning development, Marine Le Pen's far-right National Rally party emerged as the frontrunner in France's legislative election, garnering close to 34% of the votes in the first round. This marks a significant victory for Le Pen and her party, although they do not yet hold an absolute majority in the parliament. In response to these results, President Emmanuel Macron's centrist Ensemble alliance secured approximately 20.5% of the votes, while the left-wing New Popular Front coalition trailed behind with about 29%.
Le Pen called on French citizens to vote for her party in the second round of elections. Despite his defeat, Macron emphasized the importance of standing up to the far right and reiterated his call for a high voter turnout in the second round. The outcome of this election has sent ripples across Europe, with reactions from politicians both domestically and abroad.
The far-right victory in France has raised concerns among investors, who are closely monitoring the situation. The French budget deficit and debt to GDP ratio have been major points of contention during the campaign. The CAC 40 index, French banks, Crédit Agricole, Société Générale, and euro risk spreads have all been impacted by the election results. As the situation unfolds, it remains to be seen how this new political landscape will affect France's domestic and international relations.
In a related development, Hungary's Prime Minister Viktor Orban expressed optimism following RN's first-round result and welcomed changes in Brussels. Italian Prime Minister Giorgia Meloni also voiced her support for the far-right party, while opposition and Labour Party leader Keir Starmer urged for unity among left-wing parties. Polish Prime Minister Donald Tusk has called for a united response to the far-right threat.
As France awaits the results of the second round of voting, it is clear that this election will have significant implications not only for France but also for Europe as a whole.