People in France, on Sunday, gathered to vote in the snap parliamentary election. This election, called by President Emmanuel Macron earlier this month, could put the country’s governance in the hands of far-right leaders for the first time since the Nazi era. The outcome of the two-round election, which will wrap up on July 7, could impact European financial markets, Western support for Ukraine as well as the management of France’s nuclear and military arsenal.
Frustration with inflation, economic issues, and President Emmanuel Macron’s perceived arrogance has fueled support for Marine Le Pen’s anti-immigration National Rally party, which has dominated pre-election opinion polls. The New Popular Front, a new left-wing coalition, is also challenging Macron’s pro-business stance.
Nearly 50 million voters in France
The election involves 49.5 million registered voters selecting 577 members of the National Assembly in a two-round process. Voting began early in France’s overseas territories, with mainland polling stations opening at 8 am local time on Sunday. Preliminary results are expected at 8 pm., with official results later in the evening.
In New Caledonia, polls closed early due to a curfew following recent unrest. Violence erupted in response to Macron’s attempts to amend the French Constitution, sparking fears among the Indigenous Kanak people of further marginalization.
Macron called the early election after his party’s defeat in the European Parliament election by the National Rally. This move aimed to mobilize moderate voters against the far-right. However, pre-election polls suggest the National Rally is gaining momentum, potentially leading to a parliamentary majority and forcing Macron into a power-sharing arrangement with National Rally President Jordan Bardella as prime minister.
This scenario could weaken Macron’s domestic and international influence. The complex voting system and potential alliances between rounds make predictions challenging. The National Rally’s promises of extensive public spending have raised market concerns about France’s already criticized debt levels.
