Assuming that Marine Le Pen loses in the second round of the French presidential election, her most radical eurosceptic and protectionist policies will gain little traction at home over the next five years. But if her loss is a narrow one, she may have enough parliamentary support to limit the pace of much needed labour market reform. Her relative success could also embolden eurosceptic voters in Italy and leave the National Front in a stronger position to win an election in future.
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