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this post was submitted on 12 Jun 2024
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There is exceptional nuance to this question, so I will try to be direct:
Essentially with the way elections work in America: the political parties form their governing coalition prior to the election.
So a way of thinking of it is that functionally a political party in Europe is closer to a caucus in America.
Third parties as a result are typically considered as extremists, ungoverable, or something to that effect: right or wrong. Even Independents unaffiliated with a party overwhelmingly caucus with one of the two parties anyway.
The two party system effectively forms a permanent "Incumbent v Opposition" dynamic. So what can happen, which happened in the 19th century: is one party supplants another that fails. (Republican Party replaced the Whig Party over slavery issue.)