The Banking The Banking Executive Magazine - June 2024 Issue

EU Election 2024 INTRODUCTION This article presents a comprehen- sive overview of the European Union (EU) election ecosystem. The article sheds lights on the preliminary re- sults of the 2024 EU election and its outcome and assesses the impact of the EU election on markets, global trade, banks, climate policies, EU de- fence spending, and EU integration. The article concludes with an out- look on the future of the EU and its forthcoming agenda. EU ELECTION ECOSYSTEM In the European Union (EU) 373 mil- lion voters choose 720 Member of the European Parliament (MEPs) in the Brussels bubble. This is how the EU election works and why it mat- ters. With 373 million eligible voters, considerably more than the 233.5 million in the United States (US) in 2022, the EU election is a big deal. In 27 countries, voters headed to the ballot boxes between 6 and 9 June 2024 to choose the next European Parliament. The winning 720 MEPs will have an important role running the EU, working on laws ranging from emissions targets to bank rules. The first crucial job of the newly elected Parliament is to approve or reject the 27 people who will run the EU for the next five years. The year 2024 election is significant as there is likely to be a sharp politi- cal shift to the right. That means the next five years could see a move- ment away from the EU’s environ- mental priorities toward more support for manufacturing, security and agriculture, and a tougher stance on migration. The bigger the EU country, the more seats in the hemicycle chamber. Ger- the BANKING EXECUTIVE 8 ISSUE 186 JUNE 2024 EU ELECTION 2024 WORLDWIDE IMPACT AND THE FUTURE OF THE EU BY DR. SOHA MAAD