Macron victory in France sends euro to 6-month high

Posted May 09, 2017

As expected, centrist independent Emmanuel Macron has soundly defeated far-right nationalist Marine Le Pen to become France's new president, taking a projected 65 percent of the vote in Sunday's runoff election.

When he moves into the Elysee Palace after his inauguration next weekend, Macron will become the eighth - and youngest - president of France's Fifth Republic. "I want it to be the page of hope and renewed confidence". Mark Rutte, the liberal prime minister of the Netherlands, fended off a challenge from far-right Freedom Party leader Geert Wilders in an election in March.

He has stated that he would not adopt any new measures on terrorism and is promising to lift the state of emergency and reinforce community policing. French voters on Sunday ultimately rejected her populist wave of "French-first" nationalism by a large margin, in which Le Pen had threatened to leave the European Union. Since Marine Le Pen took over the party in 2011, she has dramatically improved upon the electoral successes of her father in a number of areas - most notably boosting the National Front's regional and European representation.

"I will work to recreate the link between Europe and its peoples, between Europe and citizens".

"Congratulations to Emmanuel Macron on his big win today as the next President of France", he tweeted.

Aziz Kamel, a French-Lebanese art director based in Dubai told AMEinfo: "La Pen's victory would have been catastrophic".

She said that the figure was based on results in Tel Aviv, Netanya, Haifa, Ashdod, Eilat and Beersheba, but did not include votes from the French consulate in Jerusalem.

But should an upset occur and National Front candidate Marine Le Pen win, the future of the European Union could be on the line. Addressing supporters at a small venue on the eastern edge of Paris, she said she had called Mr Macron to congratulate him, adding, pointedly, that the French people had voted for "continuity".

France has a new president.

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He finished top in the first round on 23 April, ahead of Le Pen, and eliminating the candidates of the two main traditional parties - Francois Fillon from the centre-right Republicans and Benoit Hamon from the Socialist Party.

Le Pen campaigned on a protectionist platform and has voiced skepticism about the European Union.

However, it is still unclear whether the election will have a major impact on France's business relations with countries in the Middle East.

Congratulations from other leaders also poured in quickly.

Business France, the national agency supporting the worldwide development of the French economy highlighted the results of foreign investment decisions in France and their contribution to the French economy in its 2016 Annual Report of Foreign Investment in France.

"These results do not include the significant financial flows invested by Gulf Sovereign Wealth Funds which have been investing traditionally in France. Among Middle Eastern companies operating from France, 59 are listed in the Forbes 2000 annual ranking".

He wants to extend unemployment protections to gig economy workers, reduce classroom sizes, more vigorously fight climate change, ensure that women are paid equally, and increase defense spending.

The New York Times was understated in its coverage on its homepage, simply saying: "Macron wins decisive victory in France". American companies follow and amount to 25 per cent of R&D activities. Japan is leading investor among Asian countries.