France's Macron reappoints Edouard Philippe as PM after Sunday's vote
- Author: Zachary Reyes Jun 25, 2017,
Jun 25, 2017, 14:09
The 39-year-old Macron's fledgling REM won 308 seats in the 577-seat National Assembly just 14 months after it was formed.
The Socialists, who were in power for the past five years, alongside their partners, looked set to get only 41-49 seats - their lowest tally ever.
The party that Macron founded just 14 months ago has caused a political natural disaster, even if the winning score was considerably lower than the 470 seats predicted by some pre-vote surveys.
Only 42.64% of the some 47 million eligible voters cast their votes in the second round of the French National Assembly elections, a record low turnout.
Macron's detractors point to a record-low turnout of just under 44 per cent in yesterday's polling, saying he can not claim to enjoy a deep vein of support.
United States and European stocks hit fresh highs buoyed by a convincing National Assembly victory for French president Emmanuel Macron and strong gains across a range of sectors.
113 candidates under the banner of The Republicans won their race while the outgoing governing the Socialist Party won 29 seats, forcing its chief Jean-Christophe Cambadelis to step down.
Melenchon's hard-left France Unbowed won 17 seats as it also struggled to maintain the momentum it had during the presidential election.
"We expect [Macron] to begin with the least popular reforms in the next 100 days to show Europe that France is back", wrote ING economist Julien Manceaux in a research note. With the June 27 start of the new session, the novices within the ranks of Macron's Republic on the Move! party will be learning at high-speed.
The far-right party was predicted to win eight seats in parliament but was left with only two.
Polls show Macron's En Marche party winning most of seats but turnout estimated to be just over 40 percent.
The far-right National Front won only 8 seats in the French National Assembly, gaining 6 MPs, but short of the 15-seat threshold required to form a parliamentary group and benefit from the financial resources and speaking time it entails.
Macron has forged the beginnings of a strong working relationship with the German leader since his election last month, despite significant differences over several issues including stewardship of the euro.
"One thing we can say for sure: they are all pro-European, and have a favorable view of the measures that Macron has proposed", said Nino Galetti, head of the German conservative Konrad Adenauer Foundation in Paris.
Numerous party's new recruits are political unknowns, and Mr Philippe has attributed their election to a public appetite for new faces in parliament.
Sunday's high abstention rate means Macron will also have to tread carefully with reforms in a country with muscular trade unions and a history of street protests that have forced many a government to dilute new legislation.