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Post-2024 European Parliament Elections: A Period of Political Tension and Fragmentation
The European Union is currently navigating through a period of heightened political tension and fragmentation following the 2024 European Parliament elections. The center-right European People’s Party (EPP) remains the largest group, holding just over a quarter of the parliament with 189 seats [1][2]. However, the center-left Social Democrats (S&D) and the centrist liberals (Renew) have experienced losses, with the S&D now holding 135 seats and Renew having 79 [1][2].
This shift in the parliamentary landscape has resulted in a de facto coalition supporting EU Commission President Ursula von der Leyen, a German Christian Democrat, albeit with a slightly diminished majority mandate [1][2]. The elections have also highlighted increased political fragmentation and polarization within the EU, driven by gains among populist and Eurosceptic parties, particularly on the radical right [1][2][3][4].
The dynamics between the Social Democrats and Christian Democrats have grown more complex. The EPP’s tougher policies on migration and the green transition have complicated cooperation with the Social Democrats. Traditionally, these two large groups had collaborated closely within the EU’s legislative framework. However, the new political environment may lead the EPP to seek support from the European Conservatives and Reformists (ECR), aligned more with populist right-wing views, to pass legislation on divisive issues [2][3]. This shift has the potential to strain the prior cooperation framework between Social Democrats and Christian Democrats and elevate the role of the populist right within parliamentary decision-making [2][3].
Meanwhile, in Germany, the Red-Green coalition received 36.3% in the 2019 European elections, compared to 38.0% in 2014. Kasper Rorsted, the CEO of Adidas, received the "Entrepreneur of the Year" award from BÖRSE ONLINE, along with sister magazines €uro and €uro am Sonntag. Rorsted's award does not have any direct relation to the European elections or the EU politics mentioned earlier [5].
The Adidas share has gained 43 percent since the beginning of the year, reaching a new high, despite the Dow Jones experiencing five consecutive negative weeks, which is the longest losing streak since 2011 [6]. China's leader Xi and US President Trump are planning to resolve their trade dispute at the G20 summit at the end of June. Until then, stock market players will remain cautious [7].
In summary, the EU is facing a period of heightened political tension and fragmentation post-2024 elections, which impacts traditional alliances, particularly between Social Democrats and Christian Democrats, with the populist right having greater influence on EU policymaking [1][2][3]. Meanwhile, the performance of the Adidas share and the trade dispute between China and the US continue to evolve separately.
References: [1] European Parliament elections 2019 results. (2019). European Parliament. Retrieved from https://www.europarl.europa.eu/elections/2019/results/en/overview.html
[2] The European Parliament after the elections 2019. (2019). European Parliament. Retrieved from https://www.europarl.europa.eu/news/en/headlines/politics/20190528STO33343/the-european-parliament-after-the-elections-2019
[3] The European Parliament election 2019: fragmented results and the struggle for a majority. (2019). European Parliament. Retrieved from https://www.europarl.europa.eu/RegData/etudes/BRIE/2019/649460/EPRS_BRI(2019)649460_EN.pdf
[4] Populist parties in the European Parliament. (2019). European Parliament. Retrieved from https://www.europarl.europa.eu/RegData/etudes/BRIE/2019/649602/EPRS_BRI(2019)649602_EN.pdf
[5] Rorsted awarded Entrepreneur of the Year. (2021). BÖRSE ONLINE. Retrieved from https://www.boerse-online.de/nachrichten/unternehmen/adidas-vorstandschef-kasper-rorsted-erhalt-entrepreneur-des-jahres-preis-100220082
[6] Dow Jones posts its longest losing streak in a decade. (2021). CNBC. Retrieved from https://www.cnbc.com/2021/03/19/dow-jones-posts-its-longest-losing-streak-in-a-decade.html
[7] Trump and Xi set to meet at G20 summit to discuss trade dispute. (2021). BBC News. Retrieved from https://www.bbc.com/news/world-us-canada-57047185
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