Analysts at BNP Paribas, point out that May 2019 was marked by two key political dates in France: the second year in office of Emmanuel Macron and the European elections and the results were a relative setback.
Key Quotes
“In line with recent polls, the list headed by Emmanuel Macron’s party placed second with 22.4% of the votes cast, but this is less than a percentage point behind the far-right Rassemblement National with 23.3% of the vote. The two lists will each have 23 seats in the European Parliament, once the UK leaves the EU.”
“To everyone’s surprise, the list Europe Ecologie, the green party, came in third with 13.5% of the vote. And, at 50.1%, the turnout was also unexpectedly relatively high for this kind of election.”
“The European elections sent a strong political message, but unlike the US mid-terms and what can be seen elsewhere in Europe, they will not have such a direct impact on the French political scene and the rest of the president’s mandate.”
“And the political calendar is extremely full through the end of the year: a series of key reforms will be presented, including unemployment insurance, pensions, local taxation, another round of decentralisation and a widespread mobilisation, at the national and local levels, in favour of employment, as well as the green and digital transitions. All of this must take shape in an Agenda 2025 in order for everybody to have a clear view of what’s in the cards.”
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