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CONSERVATIVE TSUNAMI HITS EUROPE

From zerohedge.com

Following a historic loss to Marine Le Pen's right-wing party in European elections on Sunday, French President Emmanuel Macron said he is dissolving the French parliament.

Macron said France will hold new elections on June 30 and July 7, a high-stakes maneuver that the WSJ said "stunned" the nation after projections based on early ballot counts came in for Sunday's elections for the European Parliament. The projections showed National Rally garnering around 31% of the vote, twice the support for Macron's Renew Party.

National Rally leader Jordan Bardella said Sunday's results marked an "unprecedented rout for the powers that be," adding that it was "day-one of the post-Macron era."

Macron's decision to call parliamentary elections opens the door for his party, which is deeply unpopular at the moment, to shed even more seats to rival parties in France's National Assembly, the country's lower house of Parliament.

If that occurs, Macron could be forced to appoint a prime minister from another party, such as the center-right Les Republicains, in a power-sharing arrangement known in France as a "cohabitation." "A dissolution means a cohabitation," said Alain Duhamel, a prominent political analyst.

The shocking news in France comes after Europe's right wing parties put on a show of strength in this weekend's EU elections, which also reinforced German Chancellor Olaf Scholz's position lagging two rival parties.

Sunday's results still appeared to leave the mainstream pro-EU parties with a lock on power in Brussels, if only for the time being. The center-right EU political grouping that now leads the bloc looked set to win the most seats in the European Parliament, boosting European Commission President Ursula von der Leyen's hopes of keeping her job for a second term. She has forged a close working relationship with the Biden administration.

Still, France's far-right opposition party National Rally looked set to be among the pan-European election's biggest winners. Marine Le Pen's party is on target to become the largest single party in the European Parliament. Projections based on early ballot counts on Sunday evening suggested National Rally had gained roughly 31% of the vote, twice the support for Macron's Renew Party.

After the French results, Macron announced he was dissolving parliament to call fresh elections. His party already lacked a majority in the National Assembly. The first round of the elections will take place June 30, followed by a second on July 7, Macron said.

As reported earlier, the Social Democratic Party of German chancellor Scholz also apparently faced a drubbing. According to national exit polls, it was running third behind the far-right Alternative for Germany and the clear winner, Germany's opposition center-right alliance.

The elections, held from Thursday through Sunday, were for the 720 members of the European Parliament. Up to 370 million voters were eligible according to EU figures, although turnout in the elections is usually modest. While the European Parliament's main powers are to approve or amend EU rules, laws and trade deals, the twice-decade vote offers a potent indicator of Europe's political mood. The legislature also gets to approve the EU's new leadership team.

As the WSJ notes, "Sunday's results point to trouble for the EU leadership's ability to pursue its environmental goals and indicate that pressure will mount to tighten migration rules under right-wing pressure. The vote is also likely to give a greater voice - at least within the parliament - to nationalist and left-wing critics of EU support for Ukraine."

Meanwhile, markets are not too happy: European bonds are down as are European futures, while according to Macquarie, the Euro faces downside risks after latest developments from parliamentary elections at the weekend.

"The bottom line is that while political uncertainty may mount as an issue in the US this summer, we didn't discount that the same will happen in Europe too," said Thierry Wizman, strategist in New York.




Comments


    Even Europe is starting to wake up the the horrors of leftism. There is hope after all.


    We need to stop referring to conservative political parties and candidates as "Far Right", as what conservatives believe would have been considered middle of the road a decade or two ago. It is the Far Left that has swung politics and the media to the extreme left, so stop using their terms in order to pander to them. Same with referring to the hard left as "Liberals". They're Communists.



















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