Pound V euro: GBP strengthens against EUR after Macron French election victory

19 Mai, 2017, 18:25 | Author: Marc Bacque
  • French President-elect Macron gears up for challenges ahead

Emmanuel Macron has won a resounding victory in the French presidential election but the focus will shift immediately to whether he can govern the country without the support of a traditional party.

Macron has vowed to strengthen the European Union and euro and to reform France's economy, which hasn't grown quickly enough in recent years to bring unemployment decisively below 10 percent.

The notion that a new movement under Le Pen could lead to political alliances and entice new voters poses a challenge to Macron, who said during his victory speech that the anger and despair of far-right voters must be acknowledged.

Before the first round of the election last month, he said a deadly attack against a police officer in Paris would have a "big effect" on the vote and he praised Le Pen on immigration, calling her "the strongest on what's been going on in France".

Mr Macron now becomes not only France's youngest president, but also one of its most unlikely.

The election of Macron will undoubtedly make this task more hard. The runoff Sunday saw a sharp spike in voters who abstained or handed in blank or spoiled ballots - representing a third of the electorate.

Marine Le Penn says National Front is now the French opposition.

President-elect Macron had floated the idea of introducing a dose of proportional representation that favours smaller parties or those locked out. His team was also the victim of a hack, which a cybersecurity firm has said bears the hallmarks of Russian involvement.

Le Pen's loss to centrist Emmanuel Macron still gave her a historic number of votes, reflecting the changing image of her once-pariah National Front party from fringe force to a political heavyweight. "The growing threat of terrorism and violent extremism is accompanied by an escalation of local conflicts and the destabilisation of entire regions", Putin said in a congratulatory telegram released by the Kremlin. "In spite of allegations of Russian interference similar to that seen in our country a year ago, democratic institutions across France proved resilient", he said.

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Macron's victory has therefore pushed back any fear that France was on a road that could have led to the breakup of the European Union and the euro itself.

European Commission chief Jean-Claude Juncker wrote on Twitter that he was "happy that the French chose a European future".

"The French people have chosen hope over fear, chosen to look forward rather than backward".

Whatever Le Pen's defeat means for populism's long-term future, Macron's victory can not disguise the fact that France remains a deeply-riven society on a number of issues and those divisions are not going to go away anytime soon.

Hollande also called Macron to "warmly" congratulate him on his victory.

"In these conditions it is especially important to overcome mutual mistrust and unite efforts to ensure global stability and security", Putin told Macron.

If another party wins a majority, Macron could be pressured to choose a prime minister from that party in a situation called "co-habitation".

"We congratulate President-elect Macron and the people of France on their successful presidential election", said Press Secretary Sean Spicer.

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