The citizens of 27 EU member states voted for their representatives in the European Parliament. What are the results of the EU elections 2024? How can they affect the future European policy? And how do these results potentially impact the market?
Right-Wing glory
Even though exit polls can differ from late polls, analysts have already presented their opinions on these elections.
At first sight, nothing has changed. The center-right EPP party, led by the German Christian Democrats, still stands on the top, with approximately ¼ seats in the parliament. The current leader of the European Commission, Ursula von der Leyen, may be re-elected for another five years.
READ MORE: Parties Involved In The EU Future
However, the background of the results is the summary of European society leaning towards the right side. Even without yet-to-be-aligned newcomers to the European Parliament, the far-right Identity and Democracy increased the number of their members by double-digits. Conservatives and Reformists, another right-wing party, also brought more politicians to the European Parliament.
How can EU elections 2024 affect markets?
The louder voice from the right means the diminishing of left-wing movements. The two main issues the Greens and Left brought were migration policy and ecology. The first one may not affect European markets directly. However, major ecological initiatives such as the Green Deal can be seriously jeopardized – at least in the current shape. It could lead to the rising importance of natural resources for Europe.
Macron’s unprecedented gamble
Far-right Identity and Democracy wouldn’t achieve such a spectacular result without French voters. The leader of the right wing in Paris, Marie Le Pen, led the victory over Emmanuel Macron’s party by over 16 percentage points!
The potential outcome of this result may be less groundbreaking in the European Parliament than in France itself.
Macron – the current president of France – called the early elections at the end of June. This bold move presumably can motivate center and left voters, who stayed home during Sunday European elections. According to experts, the main goal of the French president is to build this ultra-short campaign on fear against Le Pen rather than his party’s innovative ideas.
Nevertheless, this unprecedented move was the main shock during the EU elections 2024. The French government’s actions will likely lead to the movement of most essential French assets in the market.
What’s next after EU Elections 2024?
As already mentioned, EU elections 2024 and their results are the outcome of increasing energy prices and too loose migration policies. These two significant aspects were the major boosters for right-wing parties to significantly increase the number of members in the European Parliament.
However, this European movement towards right-wing parties can lead to substantial changes in international politics. The upcoming presidential elections in the United States are far from settled, with both Trump and Biden having setbacks. Yet, the right-wing success in the EU might result in the increasing sentiment for the Republicans in the U.S.
