Marine Le Pen's far-right National Rally party's surprising EU election success prompts a snap election in France, causing concern for the rest of the EU. Bloomberg discusses the rise of far-right movements in Europe, their potential impact on US relations, and the implications for the left in pivotal election year.
Far-right gains in Europe reflect a shift towards identity-based policies and economic protectionism.
The rise of far-right movements in Europe poses challenges to global politics and calls for a more balanced economic strategy.
Deep dives
Macron's Political Gamble and Snap Elections in France
French President Emmanuel Macron's unexpected decision to dissolve the country's parliament and call snap elections has created chaos in France and across Europe. This move, following surprising results in the EU elections with the right-wing gaining ground, has raised concerns akin to Brexit. With Macron's economic successes potentially overshadowed by this political gamble, investors have shown apprehension, leading to a significant sell-off in French stocks.
Rise of Far-Right Movements in Europe and Political Shifts
The recent EU elections showcased notable gains for far-right parties in various European countries, including France, Germany, and Italy. The success of these parties, coupled with the decline of mainstream parties, signals a shift towards right-wing ideologies across the continent. The rise of far-right movements reflects a broader trend towards seeking authority, identity-based policies, and economic protectionism.
Lessons for Global Politics and Economic Models
The shift towards far-right ideologies in Europe, highlighted by recent electoral outcomes, holds implications for global politics and economic models. Observers draw parallels between these movements and earlier events like Trump's presidency and Brexit. The economic model focused on export competitiveness and low labor costs in Europe is perceived as inadequate, prompting calls for a more independent and sustainable approach. The hope is for the US to positively influence Europe towards a more balanced economic strategy.
France’s President Emmanuel Macron shocked the world and sent tremors through global stock markets last week with his decision to call a snap election. The move was prompted by a stronger-than-expected showing by Marine Le Pen’s far-right National Rally party in European Union elections. Now, EU politicians are worried about the potential of another Brexit-style crisis that could plunge the continent’s second-largest economy into gridlock.
On today’s podcast, host David Gura speaks to Bloomberg Opinion columnist Lionel Laurent about what’s behind the strength of the far-right not just in France, but across the EU – and what this rightward shift means for relations between Europe and the US in a pivotal election year.
Further Listening: To find out what the rise of the far-right means for the left in Europe, check out the latest episode of the Bloomberg series Voternomics, “How the Left Lost Its Way in Europe” on Apple Podcasts, Spotify or wherever you get your podcasts.