France Elections 2024 marks a significant day today as voting has begun to decide the fate of Emmanuel Macron’s government. While polling agencies predicted a victory for Marine Le Pen’s National Rally after the first round of voting on July 1, experts say it could be a political stalemate. Security has been tightened in the country as the Paris Olympics approaches.
The euro, which had fallen, after Macron’s surprise announcement of snap elections, climbed significantly on Monday, reported the Reuters. While Macron’s defeat in the France Parliamentary Elections could hold bad news for the country’s economy, investors fear a hung parliament could be far more worse, investors told CNN.
A hung parliament is when no single party or any existing coalition has the absolute majority. France ranks eleventh among all the other economies of the European Union, accounting for about 17.2% of the total GDP.
Here are the top points you need to know:
- French President Emmanuel Macron announced a surprise snap vote, after being defeated by Mary Le Pen’s National Rally at the European Parliament elections on June 9. Any party or alliance needs 289 seats to win a majority at the National Assembly, where Macron fell short.
2. Usually the national assembly elections are held right after the presidential vote, but Macron’s surprise called for a big change in 22 years.
3. Marine Le Pen’s far-right National Rally party led by 33.15%, New Popular Front coalition by 27.99%, and Macaron’s Ensemble alliance by 20.76%, reported the CNN.
4. France, as a multiparty system, will go for a second round of voting today. Only the candidates who secure at least 12.5 percent of the vote in the first round, are eligible to go for the second round.
5. France’s voter turnout leaped highest in four decades during the first round of voting on July 1, reaching 59.39%, reported The Gaurdian. It is the highest since the 1986 legislative vote.
6. France is all set to host the Paris Olympics on July 26. With days numbered for the Olympics, and a two round surprise election in swing, security has been tightened. Now, 30,000 police have been deployed, according to the BBC.
7. Reports state that Emmanuel Macron’s allies are not happy with him. According to a Renaissance party official, he was told to stop campaigning. Macron was further unaware that the French public was “turned off by his personality,” reported the Politico.
8. Macron first came to power in 2017, and had pledged to create a centrist bloc
9. Ratings agency S&P Global reduced the French government’s rating in its May 2024 report, citing the decline in its budgetary position. It went from ‘AA’ to ‘AA-’
10. In 2023, France’s budget deficit reached 5.5% of its GDP.
