French President Emmanuel Macron scheduled snap legislative elections starting later this month after his political party was swamped Sunday by that of far-right rival Marine Le Pen in voting to elect the European Parliament.

Macron's centrist Renaissance party won just 15% of the ballots cast, less than half the 32% racked up by Le Pen's National Rally party, Reuters reported, citing exit polls.

The Socialists came in a close third, with 14%.

"I've decided to give you back the choice of our parliamentary future through the vote. I am therefore dissolving the National Assembly," Macron said in a stunning national address from the Elysee presidential palace in Paris, the Associated Press reported.

The two-round election will take place on June 30 and July 7, he said.

The move came less than two months before Paris is set to host the Olympics.

Le Pen welcomed Marcon's decision, telling a rally of supporters: "We are ready to take over power if the French give us their trust in the upcoming national election."

Macron beat Le Pen for a second, five-year term as president in 2022 and is barred from running again in 2027. Le Pen is widely seen as the frontrunner in that race, Reuters said.

If Le Pen's party were to win a majority in the National Assembly, Macron would continue to control defense and foreign policy, but would lose power over domestic issues including the economy and national security.