France's Macron calls for snap election after losing big to the far right in EU vote

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French President Emmanuel Macron speaks during a meeting with members of the AI sector at the Elysee Presidential Palace in Paris, France, on May 21, 2024. French President Emmanuel Macron on Sunday said he would dissolve the country's parliament and call for a new legislative nationwide vote after suffering a heavy defeat at EU elections. The shock announcement came after exit polls published by public broadcaster France TV indicated that Marine Le Pen's far-right National Rally (Rassemblement National, or RN) is set to win around 31.5% of the vote, compared to 15.2% for Macron's Renaissance party. "I will ... not be able, at the end of this day, to act as if nothing had happened," Macron said in a TV address, according to a translation by CNBC. The first round of the parliamentary election will take place on June 30, with the second round on July 7, Macron said. After requesting that Macron call an election, Le Pen welcomed the news, saying on X: "We are ready for it." Calling the legislative election is a risky move by Macron, who could be left with no control over France's domestic issues if Le Pen's RN wins a parliamentary majority. Macron's presidency isn't due to end until 2027 and he's unable to stand for a third term. "By unexpectedly bringing things to a head in a new parliamentary election, Macron may hope to revive the fortunes of his party," Holger Schmieding, chief economist at Berenberg Bank, said in a note on Sunday evening. "However, barring a major swing in sentiment, his party looks set to lose heavily in the parliamentary elections." He added that, for a "fiscally challenged France," new elections add uncertainty that could cause some concern for markets.