GIC board member J. Paul Horne shares his comments on implications of the first round of France’s presidential election on 23 April and the likely, but not certain, outcome of the run-off between Macron and Le Pen on 7 May. The report was published by The European Institute, a Washington-based think tank promoting trans-Atlantic relations that is supported by the French government, the European Commission and corporate sponsors.

Once again, the euro survived a crucial electoral test and strengthened in financial markets clearly relieved that the world’s second reserve currency will carry on despite populist politicians pandering to voters blaming economic stagnation and high unemployment on the European Union and the euro. The euro’s bounce against the dollar came just hours after the first round of France’s presidential election on Sunday, April 23, resulted in Emmanuel Macron, a pro-European centrist; and Marine Le Pen, head of the hard right and anti-European Front National, winning through to the run-off vote on May 7.

Read the full report at The European Institute.