showCASE 27: French elections: at best a Pyrrhic victory for the French economy
After months of persistent uncertainty, the defeat of Marine Le Pen, leader of the “Front National”, has vested markets with newly found confidence about the future of both France and Europe. However, the victory of Emmanuel Macron, leader of the centrist “En Marche!” party, fails to put the nail in the coffin on populism in either France or Europe. Instead, his election triumph appears to be a Pyrrhic victory, as the results of the first round forecast the lack of a mandate to introduce badly-needed economic reforms in France. Without such reforms, the specter of populism will remain alluring for many voters.