Ongoing student-led anti-government protests, sparked by the November 2024 Novi Sad station collapse that killed 16, have sustained pressure on Serbian President Aleksandar Vučić into mid-2026, with demonstrators repeatedly calling for snap parliamentary and presidential elections plus his resignation. Vučić has responded by initiating cross-party talks in April 2026 and signaling possible early voting later that year, while his second and final five-year term runs until 2027 under constitutional term limits that bar another consecutive run. His Serbian Progressive Party retains parliamentary dominance and institutional levers, though recent local elections showed narrowing margins and protest fatigue remains a variable. Traders focus on whether these dynamics force an exit before the scheduled end of his mandate or allow him to navigate the crisis through scheduled or snap polls.