France Elections 2024 marks a significant day as voting has begun to decide the fate of Emmanuel Macron’s government. Polling agencies had predicted a victory for Marine Le Pen’s National Rally after the first round of voting on July 1, but experts suggest the possibility of a political stalemate. Security has been tightened across the country as the Paris Olympics approaches.
The euro, which had fallen after Macron’s surprise announcement of snap elections, climbed significantly on Monday, according to Reuters. While Macron’s defeat in the France Parliamentary Elections could spell bad news for the country’s economy, investors fear a hung parliament could be far worse, as they told CNN. A hung parliament occurs when no single party or existing coalition secures an absolute majority. France, the eleventh-largest economy in the European Union, accounts for about 17.2% of the total GDP.
French President Emmanuel Macron called for a snap vote after being defeated by Marine Le Pen’s National Rally in the European Parliament elections on June 9. To win a majority in the National Assembly, a party or alliance needs 289 seats, a target Macron’s party fell short of. Typically, the national assembly elections follow the presidential vote, but Macron’s surprise announcement marks the first such occurrence in 22 years.
Marine Le Pen’s far-right National Rally party led with 33.15%, followed by the New Popular Front coalition at 27.99%, and Macron’s Ensemble alliance at 20.76%, according to CNN. As part of France’s multiparty system, a second round of voting is set for today. Only candidates who secure at least 12.5% of the vote in the first round are eligible to proceed to the second round.
Voter turnout in France soared to its highest level in four decades during the first round of voting on July 1, reaching 59.39%, the highest since the 1986 legislative vote, reported The Guardian. With the Paris Olympics set to begin on July 26 and the two-round election process underway, security measures have been significantly tightened, with 30,000 police deployed, according to the BBC.
Reports indicate dissatisfaction among Macron’s allies. A Renaissance party official stated that Macron was advised to stop campaigning and was unaware of the public’s disapproval of his personality, as reported by Politico. Macron, who first came to power in 2017, had pledged to create a centrist bloc. However, ratings agency S&P Global reduced the French government’s rating in its May 2024 report, citing a decline in its budgetary position, downgrading it. In 2023, France’s budget deficit reached 5.5% of its GDP.
