Elections to the European Parliament took place last week and the outcome showed that Europe is clearly changing.
| | | Stability Loses in Europe's Election | | Elections to the European Parliament took place last week and the outcome showed that Europe is clearly changing. | | Every five years, European Union citizens vote for who will represent them in the EU's legislative body, which can vote on legislation that governs the union. It represents the second-largest democratic vote in the world after India with 400 million eligible voters in 28 countries. This year's election had the highest participation in 25 years, with over 50 percent of citizens showing up to voice their views over a four-day process. | | A stable political climate dominated the European Parliament for years, with the socialist and centrist parties maintaining absolute majorities since 1979. But since the last election in 2014, Europe has suffered anemic economic growth, refugee crises and security anxieties. This year's election results show shifting attitudes, with shrinking centrist influence and increasing influence from populist and environmentalist parties. Also of note was that in the United Kingdom, an anti-EU party made sweeping gains, humiliating both the pro-EU Labour and Conservative parties. | | Watch the video | | If we can help you with any Foreign Exchange needs, please email foreignexchange@cnb.com or call (800) 447‑4133. | | Want to learn more about international finance, economics, and global events? Sign up for our other Foreign Exchange emails and videos! | | | | | | | Follow City National Bank on social media: | | | | | | Non-deposit investment products: | | • | Are not FDIC insured, | | • | Are not deposits or other obligations of City National Bank and are not guaranteed by City National Bank, and | | • | Are subject to investment risks, including possible loss of the principal invested. | | | | | This report is for general information and education only and was compiled from data and sources believed to be reliable. City National Bank does not warrant that it is accurate or complete. Opinions expressed and estimates or projections given are those of the authors as of the date of the report with no obligation to update or notify of inaccuracy or change. This report is not a recommendation or an offer or solicitation to buy or sell any financial instrument discussed. It is not specific investment advice. Financial instruments discussed may not be suitable for the reader. Readers must make independent investment decisions based on their own investment objectives and financial situations. Prices and financial instruments discussed are subject to change without notice. Instruments denominated in a foreign currency are subject to exchange rate and other risks. City National Bank (and its clients or associated persons) may engage in transactions inconsistent with this report and may buy from or sell to clients or others the financial instruments discussed on a principal basis. Past performance is not an indication of future results. This report may not be reproduced, distributed or further published by any person without the written consent of City National Bank. Please cite source when quoting. | | | | | | |
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