The euro is safe for now as Emmanuel Macron wins French presidency
The euro is safe for now.
France has chosen the independent centrist Emmanuel Macron to be its next president, ending a tumultuous campaign that had undermined the euro and raised real doubts over its continued survival.
Macron captured an estimated 65% of the vote on Sunday, easily defeating the far right populist Marine Le Pen, who had campaigned on pulling France out of the euro, and perhaps even the European Union.
The euro is safe for now.
France has chosen the independent centrist Emmanuel Macron to be its next president, ending a tumultuous campaign that had undermined the euro and raised real doubts over its continued survival.
Macron captured an estimated 65% of the vote on Sunday, easily defeating the far right populist Marine Le Pen, who had campaigned on pulling France out of the euro, and perhaps even the European Union.
The election of President Trump, who campaigned on an anti-globalization platform, further encouraged European politicians who want to ditch their shared currency and bring the lira, peseta and French franc out of retirement.
Late last year, investors were looking anxiously ahead at a series of elections that could have turned the tide.
Since then, a far right candidate who had floated the idea of a referendum on leaving the EU lost a presidential runoff in Austria. Then in March, Dutch Prime Minister Mark Rutte saw off a far right challenge of his own.
Now French voters have removed the last remaining big political risk for the euro this year. And Italy appears to have dodged early elections that could have favored a populist party.
The relief is obvious. The euro is trading at its highest level in six months.
