French President Emanuel Macron Sunday called a snap election after his own party suffered a big defeat in elections for the European Parliament Sunday, and that he was dissolving the National Assembly.
Standard & Poor's downgraded France's sovereign debt rating to AA- due to higher deficits, exerting political pressure on President Macron ahead of the EU elections. This decision challenges Macron's economic track record and may encourage opposition parties to intensify their attacks on the government's financial management.