Macron : five years to reform France

Emmanuel Macron has been elected French president, just as opinion polls forecasted. The financial markets have barely reacted to this outcome.

It is a historical moment as the two historical political parties in France, i.e. Parti socialiste and Les Républicains, were defeated, while extremist parties from the left and from the right have gained momentum, only to be stopped by a new centre led by Emmanuel Macron.

This is good news for France and for Europe. The young president will have five years to reform the country. He will only be able to do so, if the legislative election to take place this June gives him enough support to pass the bills necessary for reforms, in particular those on the labour market, provided that the French population does not take to the streets. Keep in mind that about a third of the potential voters did neither vote for Macron nor for Le Pen, meaning that a large part of the French voters is unconvinced.