French Election 2024: Leftist NFP Leads But No Outright Majority, Far-Right National Rally Slips to Third
Image Credits: Al Jazeera
A left-wing coalition is leading the French election with 182 seats, which is an unexpected outcome after the election as most of the surveys gave far-right RN a lead. But now the scenario has changed, and the left-wing coalition of NFP leads the tally. President Emmanuel Macron’s centrist alliance won 163 seats, and the RN won 143 seats.
This outcome has tumbled the French economy as no party has secured a full majority. The euro slipped and French bond futures fell after the French elections pointed to a hung parliament, casting fresh uncertainty over markets as a period of gridlock looms. The euro dropped around 0.2% in Asia trade to $1.0819, and long-term French bond futures dipped 20 ticks for an implied yield of 3.13%.
It seems that the political gamble to call a snap election by President Emmanuel Macron has misfired. His party has secured 163 seats and is in the second position. Celebrations erupted among leftist supporters in Paris’ Stalingrad Square and Republique Plaza as projections showed their alliance in the lead. But again, suspense has arisen as to how any party will stake a claim to form the government as France has the nature of not cooperating with other political parties to form a government. That’s why Emmanuel Macron called snap elections.
But again, whoever forms the government, the situation will be the same. The intense polarisation of French politics, exacerbated by the swift and heated campaign, is likely to hinder efforts to form a stable government. The electoral process was marred by racism, antisemitism, Russian disinformation campaigns, and reports of physical attacks on over 50 candidates, an unusual occurrence in France.
Prime Minister Gabriel Attal said he would hand in his resignation to President Macron on Monday morning but added that he could stay in place for the short term, if required, while a new government was formed. “Tonight, a new era begins,” he said, adding that France’s destiny would play out “more than ever in parliament.”
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