DBRS: Euro elections — Still pro-EU, but more fragmented

As European parliament elections kicked off on Thursday with polls in the UK and the Netherlands, rating agency DBRS said that we “are likely to see a more fragmented Parliament with mainstream parties losing ground even though pro-European groups are expected to retain a majority.”

“Adding to the confusion is the still uncertain role of the U.K in these elections,” said the DBRS comment, explaining that the U.K. is now participating, “but newly elected U.K. MEPs might not take their seats on 2nd July, if the U.K. reached an agreement on how to Brexit by that date.”

DBRS said does not expect a material change in policies and priorities, but adopting legislation could become longer and more complex, with potential delays where policies diverge.

Very divergent views in the parliament, along with weak cohesiveness among member states, require more effort to find consensus, DBRS concluded.