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May 26, 2019 | EU Elections

Martin Armstrong

Martin Arthur Armstrong is the former chairman of Princeton Economics International Ltd. He is best known for his economic predictions based on the Economic Confidence Model, which he developed.

Greek Prime Minister Alexis Tsipras has called a snap election after disappointing results from his party in the European Elections. His Syriza party was estimated to have received just 23.94% of votes in the elections, trailing behind its main opposition party New Democracy, which received 33.28%. A far-right party in Italy’s of Deputy Prime Minister Matteo Salvini has come out on top in Italy’s European parliamentary elections based on the exit polls. It certainly appears that Nigel Farage will come out on top in the UK. So far, we are looking at truly a sea-change in Europe.

Nevertheless, the European People’s Party in the European Parliament has influence in all the EU’s institutions and it will most likely remain with the greatest number of seats probably around 23%. It has been the largest political group in the European Parliament since 1999. In the European Council, 9 out of 28 Heads of State and Government belong to the EPP family and in the European Commission, 13 out of 27 Commissioners come from EPP parties. The EPP looks to be losing more than 40 seats.

The parties who seem to want reform should combine about 200 seats against about 540 seats. The question that will rise is how will Brussels react? Ignore it and push on or reform? It appears that there will not be a reform movement and Brussels will most likely try to paint this as a temporary populace fluke as did Washington Republicans with Trump.

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May 26th, 2019

Posted In: Armstrong Economics

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