Ongoing student-led protests in Serbia have intensified pressure on President Aleksandar Vučić, with large demonstrations in Belgrade during May 2026 explicitly calling for his resignation and snap elections. Vučić has rejected stepping down and instead signaled plans for combined presidential and parliamentary elections by late 2026, aligning with his second term's scheduled end in May 2027 and constitutional term limits that bar a third consecutive run. The government resigned amid earlier unrest in 2025, yet Vučić has maintained control through his dominant role in the Serbian Progressive Party and state institutions. Traders assess the risk of an early exit as low given the lack of immediate triggers like a successful no-confidence vote or forced resignation, while monitoring any acceleration of the electoral timeline or further escalation in demonstrations that could shift the balance before mid-2026.