Following the European Union (EU) elections, French President Emmanuel Macron announced on Sunday snap elections in an unprecedented move.
Macron said he would dissolve parliament and call new legislative elections after exit polls showed his alliance suffered a heavy defeat in European elections to Marine Le Pen’s far-right National Rally (RN) party.
Addressing the nation, he said lower house elections would be called for June 30, with a second-round vote on July 7.
Macron said, “this is an essential time for clarification. I have heard your message, your concerns and I will not leave them unanswered … France needs a clear majority to act in serenity and harmony.”
“Far-right parties… are progressing everywhere in the continent. It is a situation to which I cannot resign myself,” he said.
This comes after Macron warned Thursday that the EU risked being "blocked" by a big far-right presence in the European Parliament after this week's elections.
Market reaction
Renewed uncertainty over the political scenario in France undermines the Euro, dragging EUR/USD 0.26% lower on the day to trade near 1.0770.
