A professor stated that French President Macron's decision to call for a snap election did not yield the desired results.
- According to Armin Steinbach, professor at HEC Paris, Emmanuel Macron's gamble of calling a snap election did not yield the desired results.
- Steinbach stated that Macron did not obtain the desired clarity on government support from the public.
- The centrist bloc led by Macron will have the second-largest number of seats in the French parliament after the election, surpassing the far-right party but falling short of the left-wing coalition.
According to Jean Monnet professor of EU Law and economics at HEC Paris, Emmanuel Macron's gamble of calling a snap election did not yield the desired results.
"Clarity on support for his government was what [Macron] aimed to achieve, but he failed in achieving it," Steinbach told CNBC's Charlotte Reed on Monday.
After the far-right party gained significant ground in the European Union election, Macron called for a new nationwide legislative vote in France.
Despite the Rassemblement National (RN) seeing a surge in votes in the first round of voting on June 30, concerns arose about the party coming out on top on a national level. However, these concerns were unfounded as the left-wing New Popular Front coalition is set to hold the largest number of seats following the second round of voting on Sunday, according to results published by the Interior Ministry.
The second-largest group in parliament will be the centrist Ensemble bloc led by Macron, with the RN and its allies coming in third.
Despite RN being set to place third in the election, Macron's challenges will not ease, according to Tina Fordham, founder of Fordham Global Insight, who spoke on CNBC's "Squawk Box Europe" on Monday.
"He managed to prevent the far-right from winning first place, but they've gained more seats, and now he must confront both the unruly left and right," she stated. "His legacy will face a significant political challenge."
Fordham stated that the election outcome has weakened Macron's global standing, making it harder for him to maintain his policy positions.
Steinbach of HEC highlighted potential problems with policy making due to the fragmented parliament, which is composed of one third left, one third right, and one third in the center. He believes this could lead to a gridlock and is not a success for Emmanuel Macron.
A parliament without a dominant party may make it challenging to enact policies and tackle contentious topics such as public finances. Currently, France is grappling with a significant debt burden, and the European Union has recently announced that it will initiate an Excessive Deficit Procedure due to France's budget deficit exceeding 3% of its GDP.
Steinbach stated that the poor performance of the far-right in this election does not diminish their chances of winning the presidential election in 2027.
"Although it's a loss for them today, the 2027 presidential election is still uncertain as the race is open and the dissatisfaction of French voters and citizens remains."
Politics
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