France's conservative head celebrates possibility of joining forces with far-right populists.
Macron declared that new elections for the National Assembly should take place following the spectacular triumph of the RN and the devastating defeat of their supporting list in the European elections on Sunday. The dates he had set were very close-knit, with balloting happening on June 30th and July 7th.
In French parliamentary elections for the national assembly, deputies are chosen through a majority voting system that consists of two rounds: If a candidate in a constituency fails to acquire an absolute majority during the first round, a second round follows, wherein the candidate with the leading number of votes gets selected.
Ciotti, the leader of the Republican Party, took a groundbreaking step by opening the doors to a coalition with the RN. This sort of partnership with right-wing populists was not tolerated by various parties in France for many decades.
The notion of collaboration with right-wing populists was also frowned upon by the Republicans. French conservatives look up to the tradition of Charles de Gaulle, a person remembered for his resistance fight against Nazi Germany and eventual presidency. The National Front, a predecessor of the RN, was initiated by Jean-Marie Le Pen and Pierre Bousquet around the early 70s, both former members of the Waffen-SS.
Upon Ciotti's announcement of opening to a coalition with the RN, Marine Le Pen, who's the founder of RN and its leader in the National Assembly, admired his decision and labeled it as "courageous" while appreciating his responsibility.
Le Pen then highlighted the 'Forty-Year-Old "Cordon Sanitaire,"' which she claimed cost them multiple elections. This term hinted to the long-standing exclusion of political alliances with right-wing populists.
The announcement by Ciotti sparked significant controversy among French conservatives. He was bombarded with disapproval from within the ranks right after voicing this decision. The Republican leader of the French Senate, Gérard Larcher, stated that he would not be in favor of an agreement with the RN.
The Republican leader of the Senate faction, Bruno Retailleau, described it as a "purely personal line" followed by Ciotti. The party leader must resign from his current post due to this matter.
Le Pen has pursued a strategy for years to attempt making the RN appear more courteous and somewhat approach a more central position. The RN gained incredible success in the European elections and became the leading force. The list containing candidate Jordan Bardella witnessed a vote count that was more than double that of President Macron's.
Meanwhile, President Macron expressed his views about the upcoming elections, saying "Even if the RN comes out victorious, I will not resign before the end of my term." "The RN isn't responsible for writing the constitution, nor does it dictate the spirit of the constitution," said Macron to Le Figaro. The role of the president, as per the constitution, is established as "independent of the outcome" in a parliamentary election.
As political chaos intensified in France, it even started impacting the financial markets around the world. Moody's, a rating agency, issued a warning that due to Macron's call for the new elections and the potential rise in "political instability" in France, France's credit rating might be downgraded. Additionally, the yield on French government bonds with a ten-year maturity peaked at 3.28% on Tuesday, with a yield difference with German Bunds as high as it had been in 2020.
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- The announcement of a potential coalition between the Republicans and the RN, led by Marine Le Pen, was seen as a significant shift in French politics, echoing the divisive views of Right-wing populists like the Front National, which originated during the early 70s.
- Despite the historical resistance of French conservatives to collaborate with right-wing populists, the head of the Republicans, Ciotti, welcomed the idea of joining forces with the RN in the upcoming parliamentary election, following the party's success in the European elections.
- The success of the RN, a descendant of the controversial Front National, in the European elections had a substantial impact, with their list headed by Jordan Bardella becoming the leading force, garnering a vote count that surpassed President Macron's by more than double.
- Charles de Gaulle, a prominent figure in European history and a symbol of French conservatism, is revered for his resistance against Nazi Germany during the Second World War, a stark contrast to the origins of the National Front, which was initiated by former Waffen-SS members Jean-Marie Le Pen and Pierre Bousquet.
- Amidst the divisive announcement, Emmanuel Macron, the president of France, maintained his position, asserting that he would not resign before the end of his term, despite the RN's potential victory in the upcoming parliamentary election.
- The escalating political chaos in France led to global concern, with rating agency Moody's issuing a warning about the possibility of a credit rating downgrade due to Macron's call for new elections and the rise in "political instability" in the country.
- The yield on the ten-year French government bonds peaked at 3.28% on Tuesday, signifying increasing investor anxiety, while the difference in yield with German Bunds reached its highest level since 2020, highlighting the financial implications of the ongoing political turmoil.
- In response to Ciotti's decision to open a dialogue with the RN, Gérard Larcher, the Republican leader of the French Senate, expressed his opposition, stating that he would not support an agreement with the far-right populists.
- Marine Le Pen, the founder and leader of the RN, praised Ciotti's decision and labeled it as "courageous," while acknowledging the "Forty-Year-Old 'Cordon Sanitaire,'" a term that symbolized the long-standing exclusion of political alliances with right-wing populists, which she claimed cost them multiple elections.
