Conservatives on the rise in Europe
Conservative party staged a massive victory in UK general elections, winning majority in the parliament. But second biggest winner is Scottish nationalistic party, that won 56 seats, 50 more than before. There are two major implications of this vote: there will be a referendum of UK membership in the European Union and most likely second referendum on Scotland departure from the United Kingdom.
Conservatives win has far reaching implication for the eurozone monetary policy and for the ECB. If eurozone crisis deepens, triggered by Greek default and eurozone departure, it may increase the odds of UK leaving the Union. So there will be massive political pressure on Mario Draghi to do more than whatever it takes to keep growth momentum in the eurozone.
Interestingly, opinion polls gave a a different picture, predicting more balanced outcome. Let’s see whether this bias is confirmed also in Polish presidential elections on Sunday. The wave of conservatism is sweeping across Europe, people say no to immigration, no to eurocrats in Brussels, no to the vision of common Europe whose ruling elites rejects national and family values.
New Europe emerges in 21st century. It will be different than the one we know.