EU Elections: What’s at Stake?

From Goldman Sachs Research, this is Allison Nathan. Welcome to Top of Mind, a podcast that explores macroeconomic issues on the minds of our clients. At the end of this month, voters across Europe will head to the polls for the European parliamentary elections. Now normally, these elections don't get a lot of attention. They happen once every five years without much fanfare, and after all is said and done, they've tended to end with a continuation of power and policies for the centrist governing coalition. But this year is shaping up to be different. Many see the election as a crucial moment

is a big moment. It's the moment of European democracy. We have to enjoy it in a way. We have to sort of project ourselves as citizens and do the same thing that we basically do when a national election is called. We have a say, we have a preference, and we discuss.

Will the future of European democracy be one for the populace? Here's leader of the Eurosceptic Brexit party, Nigel Farage.

I think given the disconnect that exists right now between the people and parliament, I think unless that gap's closed, anything's possible.

And here's Steve Bannon, former chief strategist to president Trump, who's taken his message to Europe and has been campaigning for far right candidates.

That's why of everything that's going on, even in Brexit and even with Trump with all the resistance, yours is the most important experiment. Because here, you're trying to make it work with people putting aside sometimes foundational principles to try to make it work.

Or will French president Emmanuel Macron's pro Europe vision for the future of the continent went out? Emmanuel Macron wants to rethink a couple of things in order to reinvent Europe. With top leadership positions in nearly every major European institution set to turn over after the vote, these questions and what their answers could mean for economies, markets, and the future of Europe are top of mind. I wanna start with some perspective on the role of the European Parliament and how it's evolved over the years. What's interesting is that unlike the US Congress or UK House of Commons, for exam

of all, I really think that the European Parliament has been gaining influence and that there's an increased relevant role in the European Union system. The reality is that the new treaty of Lisbon gives European Parliament competence in areas where before it did not have the same power and they are using that. So how does this impact European Union? I can say in many ways. First of all, we should not forget that European Commission is accountable to the European Parliament. The European Parliament is the only institution that can bring down the European Commission by presenting a motion of no

of course, you've lived this, right, based on your own experience of being confirmed as President of the European Commission in 02/2004.