Today marks a key day in the 2024 French general election, as voting begins to decide the fate of Emmanuel Macron’s government. Polling institutes have predicted a victory for Marine Le Pen’s National Rally in the first round on July 1, but experts have warned of the possibility of a political stalemate. Security has been stepped up across the country as the Paris Olympics draw near.
The euro, which had been falling after President Macron announced surprise elections, rose sharply on Monday, Reuters reported. Macron’s defeat in the French parliamentary elections could be bad news for the country’s economy, but investors fear that with parliament in limbo it could be much worse, investors told CNN.
A hung parliament refers to a situation in which no single party or existing coalition government has an absolute majority. France ranks 11th among all other economies in the European Union, accounting for about 17.2% of the total GDP.
The main points you need to know are:
- French President Emmanuel Macron announced the surprise vote after his party lost to Marie Le Pen’s National Rally in the June 9 European Parliament elections. Any party or coalition needs 289 seats to win a majority in the National Assembly, a figure Macron fell short of.
2. National Assembly elections are usually held immediately after presidential elections, but Macron’s surprise brought about the first major change in 22 years.
3. Marine Le Pen’s far-right National Rally party is leading with 33.15%, the New Popular Front coalition with 27.99% and Macaron’s Ensemble coalition with 20.76%, CNN reported.
4. France has a multi-party system and the second round of voting will take place today. Only candidates who receive at least 12.5% of the vote in the first round are eligible to proceed to the second round.
5. Voter turnout in France was reported to have reached its highest level in 40 years, reaching 59.39% in the first round of voting on July 1. GuardianThis is the highest figure since the 1986 legislative vote.
6. France is preparing to host the Paris Olympics on July 26th. With only a few days left until the games begin and two elections unexpectedly looming, security has been stepped up. According to the BBC, 30,000 police officers are currently deployed.
7. Emmanuel Macron’s allies are reportedly unhappy with him. According to a Renaissance party official, he has been asked to stop campaigning. Macron also was unaware that the French public was “disgusted by his personality,” Renaissance reported. POLITICO.
8. Macron came to power in 2017 pledging to form a centrist coalition.
9. In a May 2024 report, rating agency S&P Global downgraded the French government’s credit rating, citing a deteriorating fiscal situation. The rating was lowered from “AA” to “AA-“.
10. In 2023, France’s budget deficit reached 5.5% of GDP.
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