The recent European elections have triggered a notable drop in the European markets: the stock exchange, the euro and sovereign bonds. The snap elections which will be held in France at the end of June following Le Pen’s excellent results, coupled with the rise of more right-leaning parties in other important European countries, are the main culprits of the decline in the stock markets. Today we are publishing a brief note in which we analyse whether or not an overly pessimistic economic outlook would be appropriate in the medium term, given the outcome of the recent European elections.