No wonder Macron’s gambling: Europe is home to the high-roller

Fancy a flutter? Placing €10 on Germany to win the European football championships it is hosting from June 14th could net you a handsome €60 profit. Those looking for a bigger payout can punt on long-shots like Georgia or Albania at 1000 to 1. Feeling luckier than that? For the thrill-chaser in search of that certain je ne sais quoi, there is an altogether more daring bet on offer, at least to presidents of France: wagering the political future of your country and that of Europe, and throwing your own legacy into the mix as well. Gulp. Emmanuel Macron’s surprise announcement on June 9th that he was calling a snap parliamentary vote—just hours after his party got trounced in the European elections—has all the hallmarks of a compulsive gambler thinking a bad run can be fixed with just one last roll of the dice. The decision looks rash. It is also archetypally European. This is a continent where muddled politics means you must bet big to win big.