A win for Marine Le Pen would need to be followed by a strong showing for her party in June’s legislative elections if she is to implement most of her programme. A government of national unity or “cohabitation” would clip her wings, at least on domestic policy. So a Le Pen presidency might be less radical than many investors fear. That said, her election would highlight voters’ discontent with the EU.
French election Drop-In (21st April, 09:00 BST/16:00 SGT): Join our Europe and Markets economists the morning after the crucial Macron vs Le Pen debate for a briefing about risks around the presidential election, including to the French economy, the European Union and the euro. Register now.
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