Emmanuel Macron’s decision to call a parliamentary election this month is looking like one of the most self-destructive gambles by a French leader in modern times. The stockmarket has fallen by 4% since he made his announcement on June 9th, the night of his party’s drubbing in the European Parliament elections at the hands of Marine Le Pen’s National Rally. Share prices in France’s three big banks are down by almost 10%. Bond spreads are widening. Euro-elections tend to be a protest vote, not a reflection of how people will express themselves when choosing their national parliament. What is your take on Emmanuel Macron’s decision to call for a fresh election ?
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