Impact of European elections on economy is minimum now - analysts


26.05.2014 14:33

Prague - The outcome of the elections to the European Parliament will have a marginal impact on the European and Czech economy at this moment, according to economic analysts polled by CTK today.


Poutač na volby do Evropského parlamentu poblíž Braniborské brány v německé metropoli Berlíně. ČTK/AP Stephan Pilick

In the future, however, a bigger fragmentation of opinions can be expected, so a consensus on important economic issues will be harder to found, the analysts said.

Decision-making by the European Parliament is important and its significance within common European institutions is gradually growing, Patria Finance analyst David Marek said.

"Slow and difficult pursuing of important steps can slow down a number of key reforms and agreements. At present, the most important topicss are changes in energy policy, particularly in the poorly working system of carbon credits, changes in regulation of the financial sector, reacting to the latest financial crisis and scandals concerning LIBOR interest rates, the end of agreement on free trade between the USA and the EU, and other issues," Marek said.

According to Era chief economist Jan Bures, mainstream parties, namely Christian Democrats and Social Democrats, will most likely be forced to cooperate more intensely and pull together in a number of issues. The word of anti-European parties will have the biggest weight in issues where traditional parties have the deepest differences, he added.

"This can concern, for instance, the planned transatlantic business agreement with the USA. The immediate impact of the European elections will nevertheless remain minimal," Bures said.

Preliminary results show that moderate left-wing and moderate right-wing pro-European parties will control about 70 percent of seats in the European Parliament.

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