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In less than two weeks, the Dutch will go to the ballot box. Just a month later, on April 23, the French will follow suit. They will have to vote in a first round who their new president will be to, later, on May 7, during the rather likely second round make their final decision on who will become the new president of the French Republic. After two months of ballot box peace, the French will then go on June 4 and 11 again, but now to vote for parliament. Late September it will be the Germans; our eastern neighbors will elect both a new parliament and a new Chancellor.

There are two remarkable facts about the above-mentioned elections. In the first place, we have national elections in both France and Germany in the same year. That is the exception rather than the rule. The second remarkable and from a political and monetary perspective extremely relevant fact Is that in all three mentioned countries various parties and movements participate that wish to leave the euro, if not the entire European Union. One could say that the elections up to a point will be referenda on the euro. And what is remarkable is not just that these parties and movements participate: it seems very likely that they will gather quite some votes.

In Germany, the Alternative für Deutschland appears to win more than 10 percent of the vote. In the Netherlands, it is highly likely that the Freedom Party (PVV) will win the elections, which wants to leave both the euro and the EU. In France, Front National seems to score well in both the presidential and the parliamentary elections.

At first sight, it thus seems that the Dutch, French and German elections will lead to much instability and uncertainty regarding the future of the euro. Front National has already revealed its plans. Part of its plans is to exit the euro with France and return to the French franc. The PVV wants the same thing in the Netherlands, while in Germany the AfD wants to leave the euro as well.

No Anti-Euro Governments

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Support for the Euro Is Dwindling

Germany Is Crucial

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