Towards Russia with love: Austria’s political tilt
Jan 8, 2025
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Christopher Lockwood, Europe editor for The Economist, discusses the alarming rise of Austria's far-right Freedom Party as a pivotal player in the country's political future. He connects this trend to broader pro-Russia sentiments across central Europe, while reflecting on Jean-Marie Le Pen's legacy and the normalization of extremist ideologies. Additionally, the conversation touches on the challenges of financial inclusion in Latin America, highlighting the ongoing issues faced by unbanked populations.
The rise of Austria's Freedom Party, driven by dissatisfaction with centrist responses to economic stagnation and migration, illustrates a growing pro-Russian trend in European politics.
Jean-Marie Le Pen's legacy of mainstreaming far-right ideologies in Europe continues through his daughter's leadership, highlighting ongoing nationalism and anti-immigration sentiments.
Deep dives
The Political Shift in Austria
The rise of the Freedom Party (FPO) in Austria marks a significant political shift, as the party has been invited to form a coalition government following the failure of centrist parties to collaborate. This development signals a growing discontent among Austrians towards traditional political parties, which many feel have not addressed economic stagnation and migration concerns effectively. The FPO's platform includes strict immigration policies and a pro-Russian stance, which resonates with a segment of the population dissatisfied with the establishment. Herbert Kickl, the FPO leader, aims to leverage this momentum, proposing controversial measures that reflect broader trends in Europe where hard-right parties are gaining traction.
Jean-Marie Le Pen's Legacy
Jean-Marie Le Pen's influence on European politics is exemplified by his role in revitalizing far-right xenophobic rhetoric, which has become increasingly mainstream, particularly with the rise of his daughter, Marine Le Pen. Over decades, he cultivated a provocative political style that rejected mainstream narratives and fostered division, which allowed him to secure a shocking place in the French presidential election of 2002. His legacy is evident in the transformation of the National Front into a more accepted party under Marine Le Pen, who seeks to govern rather than merely provoke. The ongoing acceptance of such hard-right ideologies suggests that his themes of nationalism and anti-immigration sentiment remain potent in contemporary politics.
Financial Inclusion in Latin America
Latin America is making significant strides towards financial inclusion, with a notable increase in bank account ownership driven by the pandemic and innovative fintech solutions. This growth is particularly focused on underserved populations such as women and rural residents, as financial institutions recognize the necessity of expanding access to formal banking services. However, barriers remain, as many individuals who open accounts do not actively use them, and disparities in financial access continue to exist. Ongoing efforts are essential to translate banking availability into broader economic participation, particularly in addressing issues like poverty and gender inequality in financial services.
A once-fringe far-right party looks close to power—and serves as another sign of a broad and worrying pro-Russia trend in central European politics. Meanwhile Jean-Marie Le Pen, who established the far-right party now close to power in France, has died; our correspondent reflects on his legacy (10:05). And our series The World Ahead examines financial inclusion in Latin America (16:07).