Analysts at Scotiabank explained that the CSU, the sister-party to German Chancellor Merkel’s CDU, lost its overall majority in the Bavarian state legislature in voting at the weekend.
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“Its 36% return was the lowest share of support since the 1950s and the weak performance may reverberate around domestic politics for some time to come. In a warning for national politics, voters shunned mainstream parties, with the Greens (18%) and far-right (11%) picking up support. “
“The election has had little impact on the EUR today but suggests that the unsettled backdrop for German (and broader European) politics will remain on the market’s radar.”
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