Macron’s re-election is positive for French assets

April 26, 2022

Emmanuel Macron won the presidential election with a strong lead (58.5%), a much better result than the latest polls predicted at the end of last week. However, the low turnout (72%), the lowest level since 1969, puts this victory into perspective.

Above all, this victory is a great success for Europe and a guarantee of stability for the Eurozone. Macron made it clear that this election was a referendum on Europe. European integration will continue: the president will seek to strengthen the Franco-German relationship and more generally European institutions. In this regard, Macron intends to respect tradition by quickly visiting Berlin to meet with German Chancellor Olaf Scholz. The absence of a change of course should also reassure all NATO countries regarding France’s foreign policy.

The president-elect must now obtain a majority in parliament during the parliamentary elections on 12 and 19 June. Whether a majority emerges will ultimately determine economic policy and the reform agenda.

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