The euro survives its biggest political test

How Emmanuel Macron won the French presidency

The euro is usually safe for right now.

France has chosen the independent centrist Emmanuel Macron to be its next president, ending a tumultuous campaign of which had undermined the euro along with raised real doubts over its continued survival.

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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, along with perhaps even the European Union.

The euro has been under threat coming from rising populism in Europe, where the idea remains the most visible symbol of the region’s long experiment with economic integration since the end of World War II.

Nationalist along with populist parties, emboldened by Britain’s decision last year to leave the EU, have made the case against the currency from the Netherlands, France, Italy along with Greece, among others.

Skeptics bristle at the idea of which countries as different as Germany, Italy along with Greece should use the same currency, while ceding control of interest rates to the European Central Bank. They also argue of which the currency has benefited some member nations, notably Germany, while hampering others along with driving up unemployment.

Related: They want to kill the euro

The election of President Trump, who campaigned on an anti-globalization platform, further encouraged European politicians who want to ditch their shared currency along with bring the lira, peseta along with French franc out of retirement.

Late last year, investors were looking anxiously ahead at a series of elections of which 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.

right now French voters have removed the last remaining big political risk for the euro This particular year. along with Italy appears to have dodged early elections of which could have favored a populist party.

The relief is usually obvious. The euro is usually trading at its highest level in six months.

Related: The euro cannot survive unless Europe alterations

Still, there are reasons to keep the champagne on ice. One third of voters in France preferred Le Pen, the scion of an anti-EU political party of which was once on the fringe of French politics.

Macron is usually also a political outsider who formed his own movement — En Marche! — just over a year ago. The former Rothschild banker had served as French economy minister nevertheless had never before held elected office.

The establishment, then, has also been rebuked in France. Candidates representing the parties of which dominated the country’s political system for decades did not even make the second round of voting from the presidential election.

Macron will right now have to prove of which he can tackle France’s economic malaise by boosting growth along with employment — along with he may have to do of which without a big majority in parliament. the idea holds its own elections next month.

If he can get his reforms through, he’ll be in a stronger position to work with Germany along with different countries of which use the euro to push forward the region’s recovery.

“By pushing for a stronger EU… along with the revival of the Franco-German relationship, Macron should give a brand-new impetus to the eurozone along with European integration process,” said Marion Amiot, senior economist at Oxford Economics.

The latest sign of Macron’s commitment? At a victory party late on Sunday night, he walked out to the European anthem “Ode to Joy,” rather than its French equivalent “La Marseillaise.”

sy88pgw (London) First published May 7, 2017: 5:23 PM ET

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The euro survives its biggest political test

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