‘Après moi, le déluge?’ Macron
Macron utlyser nyval i Frankrike 30 juni – efter fiaskovalet
The populist right suffered setbacks in Poland, Finland, the Netherlands and Sweden.
But in France and Germany were beaten by parties of the far right
Scholz’s Social Democrats even dropped to third place.
In France, where Macron’s party received less than half the votes of Marine Le Pen’s Rassemblement National, the president took the risk of dissolving the National Assembly and calling elections
If it goes badly for him, Macron could serve the last three years of his presidency in enforced “co-habitation” (as the French put it) with a legislature dominated by Le Pen.
The spread of French over German bond yields used to be negligible.
France’s two-round system puts emphasis on finishing in the top two to make the runoff.
If the parties of the hard left get their act together, the second round could easily devolve into a contest between Le Pen’s forces and those of the indefatigable left-wing campaigner Jean-Luc Melenchon and an unpalatable mix of Socialists and greens.
It’s a fair bet that financial markets wouldn’t like that.
John Authers 10 June 2024
In Germany the ruling coalition fared abysmally. All three of its component parties were beaten by the nationalist Alternative for Germany
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