The second weekend of June brings a special event on European soil. Citizens of 27 members of the EU will participate in the EU elections 2024. Parties involved in this occasion will shape the direction of one of the most influential economies in the world.
The Importance Of The EU Elections 2024
Traders take a look at essential events that may potentially affect financial markets. 2024 presents several moments that may (or already did) heavily influence the prices of several assets. The crypto world is still processing Bitcoin Halving and Ethereum ETF, and the summer elections in the EU precede the clash between Biden and Trump in the U.S. presidential election in November.
Read more about the EU elections 2024!
While investors look closely at the final results of the EU elections 2024, parties present their plans and programs for the future of the Union. How can it impact the market? Each party has their own priorities. From reducing unemployment and developing the hi-tech sector to limiting migration plans and slowing down the Green Deal. The movement in the market after the election results is inevitable, particularly in the European indices and commodities such as oil.
The EU Elections 2024: Parties Involved
Traders need to know that in the EU elections 2024, parties involved are:
European People’s Party (EPP)
The largest party in the European Parliament. EPP is the center-right group, with the domination of German Christian Democrats aided by Poles and Romanians. Their coalition with socialists and democrats shouldn’t be jeopardized. Yet, due to the resistance of the Green Deal, negotiations with the Greens may be more challenging in shaping the new European Parliament.
Progressive Alliance Of Socialists And Democrats
The second largest party in the current coalition. The leader of the Alliance is Pedro Sanchez, the Spanish prime minister. Socialists and democrats put the fight against unemployment at the forefront of their program.
Greens/European Free Alliance
As the name speaks for itself, Greens mainly focus on pushing and lobbying for the Green Deal. The European skepticism towards this initiative will probably lead to loss of seats in the Parliament, according to Reuters.
Keep reading to learn more about right-wing parties that may be pivotal in the upcoming years.
Right-Wing Offensive
Even though the two major parties will likely stay at the forefront, the bigger picture may present an upcoming change in European politics. A couple of aspects led to the reluctance of mainstream parties, especially across the millennials and Gen Z voters:
- the Russian aggression in Ukraine, causing an energetic crisis due to the oil and gas deposits in Russia and EU trade restrictions,
- COVID-19 aftermath,
- migration crisis,
- the development of social media and other sources of information different from the traditional ones.
The last aspect is used by far right-wing, conservative parties, such as European Conservatives And Reformists (ECR) and Identity and Democracy (ID). Short, direct messages with multiple video effects convince younger generations to vote for these parties. According to the analysts, ECR may reach the most considerable growth of places in the European Parliament. Even though it’s unlikely that ECR or ID will be the leader, it shows the potential for upcoming changes.
However, there are some issues that may undermine the result of right-wing parties. Some ID candidates or people politically involved in the campaign have been heavily linked with China and Russia. Other members of the European Parliament use these arguments against ID and, indirectly, ECR.
