Austria is at a political crossroads. For the first time since World War II, none of the country's main political parties reached the second round of the presidential election. Instead, Norbert Hofer, a candidate from the right-wing Freedom Party of Austria (FPO), and an independent, Alexander van der Bellen, are neck and neck heading into a rerun of the runoff vote, set to take place Dec. 4. (The first runoff, held in May, was recalled when a court found irregularities in the way votes were tallied; the rerun, originally scheduled for October, has already been postponed once over concerns of faulty mail-in ballots.) Despite the fact that presidents serve a largely ceremonial function in the Austrian government, they have the power to dissolve the legislature and to call early parliamentary elections, something Hofer has said he might do if elected. In addition, as president, Hofer or van der Bellen will...