Articles
28 June 2021

Macron and Le Pen parties both fared poorly in second round of French regional elections

The incumbent right-wing and socialist regional presidents were largely re-elected in the second round despite a historic abstention rate. President Macron's party and far-right National Rally (RN) fared poorly in the second round and did not win any regions. Next year's presidential elections could still hold surprises

The recomposition of the political landscape in question

Four years after the 2017 presidential elections, which had initiated a profound recomposition of the political landscape against the backdrop of the break-up of the old left-right divide to the benefit of Emmanuel Macron and Marine Le Pen, this regional election marks a revenge of the "old world". It also marks a halt to this recomposition less than a year before the next presidential election.

Victory of the "old world" tarnished by a historic abstention

Nothing happened as expected in the French regional elections. France is no exception to this new political norm, in which reality inflicts a new correction on poll predictions. While before the first round the polls had predicted that one or more regions would fall to the National Rally (RN) and that the candidates of the République en Marche (LRM) would play the role of kingmakers, this was not the case. On the contrary, all incumbent regional presidents were re-elected in the second round of elections. Thus, the map of France remains coloured pink and blue on the evening of Sunday 27 June, identical to that of 15 days ago: seven regions governed by the right and five by the Socialist Party (PS). It could have been an almost total victory for the "old world" if abstention had not reached a record level of 66%, a symbol of mistrust and disinterest. All the contenders for the 2022 presidential election will have to take into account this historic abstention rate, which is probably not going to be repeated during the presidential elections, though Macron and Le Pen will probably have to put some effort in mobilising their supporters.

The 2022 presidential election is not written in advance

Given the fact that two out of three French people did not go to the polls, it would be perilous to draw a national conclusion from the regional elections. Nevertheless, an atmosphere has been created, which could be favourable to the right. Three heavyweights of the right and potential candidates in 2022 won a large victory in their region: Xavier Bertrand, Laurent Wauquiez and Valérie Pécresse. The next step for the party will be to designate a single candidate to hope to upset the announced duel between Emmanuel Macron and Marine Le Pen in the presidential election.

As a reminder, the two finalists of 2017 are still widely favoured for the 2022 election, with 24% of voting intentions. A gap of 6 points separates them from Xavier Bertrand who appears to be the best placed outsider on the right for the moment. The left also does not seem to be dead since it maintains its territorial areas after the regional elections, even though alliance lists of the PS with the ecologists (EELV), and sometimes with the France Insoumise (LFI), did not manage to create a surprise. So the regional elections chapter is now over. The presidential election one can now be written.


Disclaimer

"THINK Outside" is a collection of specially commissioned content from third-party sources, such as economic think-tanks and academic institutions, that ING deems reliable and from non-research departments within ING. ING Bank N.V. ("ING") uses these sources to expand the range of opinions you can find on the THINK website. Some of these sources are not the property of or managed by ING, and therefore ING cannot always guarantee the correctness, completeness, actuality and quality of such sources, nor the availability at any given time of the data and information provided, and ING cannot accept any liability in this respect, insofar as this is permissible pursuant to the applicable laws and regulations.

This publication does not necessarily reflect the ING house view. This publication has been prepared solely for information purposes without regard to any particular user's investment objectives, financial situation, or means. The information in the publication is not an investment recommendation and it is not investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Reasonable care has been taken to ensure that this publication is not untrue or misleading when published, but ING does not represent that it is accurate or complete. ING does not accept any liability for any direct, indirect or consequential loss arising from any use of this publication. Unless otherwise stated, any views, forecasts, or estimates are solely those of the author(s), as of the date of the publication and are subject to change without notice.

The distribution of this publication may be restricted by law or regulation in different jurisdictions and persons into whose possession this publication comes should inform themselves about, and observe, such restrictions.

Copyright and database rights protection exists in this report and it may not be reproduced, distributed or published by any person for any purpose without the prior express consent of ING. All rights are reserved.

ING Bank N.V. is authorised by the Dutch Central Bank and supervised by the European Central Bank (ECB), the Dutch Central Bank (DNB) and the Dutch Authority for the Financial Markets (AFM). ING Bank N.V. is incorporated in the Netherlands (Trade Register no. 33031431 Amsterdam).