Leader of the French far right National Rally Marine Le Pen takes part during a meeting for the upcoming European elections Sunday, June 2, 2024 in Paris. (AP Photo/Thomas Padilla)
French President Emmanuel Macron’s decision to call a snap national election after a surge for his far-right rivals is a high-stakes move and a huge political gamble, analysts say.
Macron’s decision to call a snap parliamentary vote comes after the right-wing National Rally (RN) party, with Marine Le Pen as the figurehead, won around 31% of the vote in Sunday’s European Parliament election. That was more than double the 14.6% seen for Macron’s pro-European and centrist Renaissance Party and its allies.
France’s CAC 40 slumped 1.8% in the early hours of trading Monday morning with French banks trading sharply lower. BNP Paribas and Societe Generale led the Stoxx 600
′s losses, both down by around 6%. The euro
was also down some 0.4% against the dollar
amid the uncertainty.
“This is an essential time for clarification,” Macron said in a national address Sunday evening as he announced his decision to dissolve parliament.
“I have heard your message, your concerns and I will not leave them unanswered … France needs a clear majority to act in serenity and harmony,” he added. The first round of voting will take place on June 30, with a second to be held on July 7.
His party might lose. As it stands, Macron’s Renaissance Party has 169 seats in France’s lower house of parliament, out of a total of 577 seats, and the RN has 88 seats.