The Rise of the Euroskeptic Right in Europe
Anti-European Union and nationalist parties have made strong gains in the European elections. In France, the far-right National Front picked up a quarter of the votes while the U.K. Independence...
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May 26, 2014: Nigel Farage leader of Britain's UK Independence Party (UKIP) celebrates with candidate Janice Atkinson, left, as he hears the results of the south east region European Parliamentary Election vote at the Guildhall in Southampton, England. (AP Photo/Kirsty Wigglesworth)
BRUSSELS Far-right and Euroskeptic parties made sweeping gains in European Parliament elections Sunday -- triggering what one prime minister called a political "earthquake" by those who want to slash the powers of the European Union or abolish it altogether.
Voters in 21 of the EU's 28 nations went to the polls Sunday, choosing lawmakers for the bloc's 751-seat legislature. The other seven countries in the bloc had already voted in a sprawling exercise of democracy that began Thursday in Britain and the Netherlands.
One of the most significant winners was France's far-right National Front party, which was the outright winner in France with 26 percent support-- or 4.1 million votes.
"The sovereign people have spoken ... acclaiming they want to take back the reins of their destiny," party leader Marine Le Pen said in a statement. She called the results "the first step in a long march to liberty."
The National Front like other far-right parties across Europe promote anti-immigrant and often anti-Semitic policies.
French Prime Minister Manuel Valls, in an impassioned televised speech, called the National Front win "more than a news alert ... it is a shock, an earthquake."
French President Francois Hollande's office announced he would hold urgent talks first thing Monday with top government ministers in what French media called a crisis meeting.
All of Europe will have to deal with the fallout, analysts and politicians said.
Pro-European parties "have to take very seriously what is behind the vote," said Martin Schulz of the Socialist group in parliament.
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Euroskeptic, anti-immigrant parties make big gains in European Union elections
Alexis Tsipras leads the far-left Syriza party in Greece. His anti-austerity party that has received roughly 27% of the vote.
LONDON (CNNMoney)
Germany's DAX index led the way with a 1.3% rise. Spain's IBEX gained 1.2%, while France's CAC 40 added 0.8%. The euro recovered from earlier declines against the dollar.
Investors seemed relieved as results showed traditional left-center and right-center parties will hold a majority of seats in the European Parliament. However, many voters were increasingly supportive of anti-EU protest parties, which gained significant traction in France, the U.K. and Greece.
"The status quo prevails in Europe," explained Kathleen Brooks, a research director at FOREX.com. "Although the chorus of protest is growing louder, it is still a small force in the European Parliament."
Meanwhile, Ukrainians seem to be voting in favor of further integration with Europe. Billionaire Petro Poroshenko has declared himself the winner of the Ukrainian presidential elections after getting over 50% of the vote. The seasoned politician has been vocal about his pro-European Union views.
Related: Europe's own 'tea party' risk
The growing popularity of "euroskeptic" parties on the far right and far left indicate a severe backlash against pan-European cooperation, European institutions and austerity measures. But this doesn't threaten to tear Europe apart.
"After four years of a wrenching euro crisis, pro-European mainstream parties ... will still have close to 70% of the seats in the EU parliament," said Berenberg chief economist, Holger Schmieding. "Although it will be more difficult to negotiate a trade deal with the U.S., European institutions can function well with that result."
In France, the far-right National Front party -- which has rallied against the EU and immigration -- won a historic victory with 25% of the French vote, beating out more moderate pro-EU parties that dominated the elections five years ago. In the previous European elections, the National Front garnered just 6% of the vote.
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Britain's Prime Minister David Cameron (L) and London Mayor Boris Johnson (C) arrive for a rally in west London May 21, 2014.
Cameron's assertion that he will leave his European policy unchanged despite UKIP's success will be seen as an attempt to avoid a damaging debate on an emotive issue which obsesses his party and helped topple the country's last two Conservative prime ministers.
Anxious to win a majority in next year's national election, Conservative strategists want to focus on the fact that they lead a coalition government which has nursed Britain's economy back to health, a job they say is only half-done.
Cameron has promised to try to reshape Britain's relationship with the EU if re-elected next year before offering an in/out EU membership referendum by the end of 2017.
Spooked by the rise of UKIP and worried it could split the vote at next year's national election, some of Cameron's own Eurosceptic lawmakers have urged him to bring forward the date of that vote to 2016 and to step up his renegotiation drive.
Cameron, speaking after the UK Independence Party, which wants Britain to leave the EU, rode a tide of Euroscepticism and anxiety about immigration to beat the opposition Labour party into second place and his Conservatives into third, said he was sticking to his original plan.
"I don't think shortening the timeframe for the referendum would be right," Cameron told BBC radio, saying he was "confident" he could secure a significant renegotiation of Britain's EU ties if given the chance.
His party has however already promised a tougher immigration policy, seen as one of the key drivers of UKIP's success.
HUNG PARLIAMENT? Almost complete results from the European elections suggest no single party will score a decisive win in a national election next year, making another coalition government likely.
A different, first-past-the-post voting system and higher turnout will work against UKIP whose support is expected to fall. Sunday's results put Labour and the Conservatives on a similar share of the vote, around 25 percent, suggesting neither will win next year's national vote emphatically enough.
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David Cameron Rejects Calls for Early European Union Referendum