The European Union parliamentary elections kicked off today and the markets barely blinked, even though the motley collection of Euroskeptic parties, a few of which want to bust up the EU and the euro zone within it, are on course to win 25 per cent or more of the votes.
The strong showing by the Euroskeptic parties, ranging from France’s Front National to Italy’s Five Star Movement, is apparently already priced into the market. Investors are in no panic because they know that a quarter of the votes does not make a majority. The mainstream centre-left and centre-right parties will certainly emerge on top when the last of the votes are tallied on Sunday and they are largely in favour of greater economic and political integration. “More Europe” could be their motto.